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Tuesday Morning Business Brief

October 9, 2012, 6:07 AM

Tuesday Morning Business Brief

Stock prices lost some ground in Monday trading on Wall Street. The Dow fell nearly 27 points to 13,584. The S&P was down 5 points, while the Nasdaq dropped 24.

  • Wall Street begins to get some earnings reports to dig through. Beginning today, Alcoa and Yum Brands report their third-quarter results.
  • The International Monetary Fund is offering a bleak assessment of the world economy. The IMF forecasts it will expand 3.3 percent this year, down from the estimate of 3.5 percent growth it issued in July. Its forecast for growth in 2013 is 3.6 percent, down from 3.9 percent three months ago.
  • World stock markets are stalled after another dismal prediction about global economic growth, this time from the International Monetary Fund. European stocks dropped in early trading. The picture is not as bleak in Asia, where stocks are mixed.
  • Oil prices are staging a rebound after three days of losses. It's attributed to rising supply concerns due to the Syrian conflict and delays in shipments of North Sea oil. Benchmark crude for November delivery was up 48 cents to $89.81 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

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