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Published: Saturday 21 September, 2013

discount online clothing discount online clothing ?stocks fall on global economic worries Naples Daily News

Germanys economy stalled last quarter and dragged down growth for Europe.

The Dow Jones industrial average fell more than 120 points in the first half hour of trading before paring most of its losses by noon. Stocks then quickly resumed their decline after the leaders of France and Germany tried to calm worries about Europes debt problems by pushing for longterm political solutions instead of immediate financial measures like a single European bond. The Standard Poors 500 index fell 22 or 1.9 percent, to 1,182. The Nasdaq composite fell 57, or 2.2 percent, to 2,497.

Investors dont know which way to go here, said Paul Brigandi, senior vice president of Direxion Funds, which has $7 billion in assets under management. Stocks look cheaper after the S 500s 10.4 percent drop from July 21 to Monday, but investors are still worried about the global economy and debt problems in both the United States and Europe.

Prices for gold and Treasurys rose as dollars moved into investments considered safer. Oil fell on worries that a weaker economy will mean less demand for energy.

Fitch Ratings also said Tuesday that it will keep its credit rating on the United States at the top grade. debt. on Aug. 5. That sent stocks on a volatile skid last week.

Europes economy and debt troubles have been among global investors main concerns over the last year and a half. On Tuesday, the European Union reported that economic growth in the 17 countries that use the euro slowed to 0.2 percent between April and June from 0.8 percent in the previous quarter. Germanys growth fell to 0.1 percent from 1. discount online clothing 3 percent.

That will make it even tougher for Spain and other countries to raise revenue. Some European countries have borrowed so much that they may need help repaying debt.

The leaders of France and Germany, the eurozones biggest economies, said Tuesday that all countries that use the euro should have mandatory balanced budgets and better coordination of economic policy. They also pledged to harmonize their corporate taxes to show they are marching in lockstep to protect the euro. They broke ground on new homes at an annual rate of 604,000 last month, according to the Commerce Department. Thats down from 613,000 in June. In 2005, before the housing bubble burst, housing starts were typically above 2 million.

Manufacturing may be recovering. Industrial production rose 0.9 percent last month on a pickup at auto factories, utilities and mines. Manufacturing had been one of the strongest industries since the recession ended in 2009, but its growth had been slowing this year.

A separate report showed that prices for imports rose 0.3 percent in July because costs rose for fuel and fertilizers. exports fell 0.4 percent, the first drop in a year.

WalMart Stores Inc. rose 3.1 percent after it said net income rose 5.7 percent last quarter from a year ago on strong overseas sales. Earnings growth was stronger than analysts expected, and the worlds largest retailer raised its profit forecast for the year.

Home Depot Inc. rose 4.3 percent after it said secondquarter net income rose 14 percent and raised its profit forecast.

Investors have largely ignored the strong earnings reported so far for the second quarter. Companies in the S 500 index earned a record amount last quarter on an operating basis, which ignores onetime costs and other special items, according to S senior index analyst Howard Silverblatt.

Investors have been overwhelmed by the markets volatility, said Tim Holland, portfolio manager of the Aston/Tamro Diversified Equity fund. When you have these big swings, people completely lose focus on companies and their results. Theyre paying more attention to the market than the comp discount online clothing anies that make up the market. The earn discount online clothing ings season was good and better than expected.

Holland said that not only are companies earning more money, they also have healthier balance sheets than they did during the financial crisis of 2008. He has been buying stocks made cheaper by the downturn. We like to buy the best when theyre depressed, he said.

Saks Inc. fell 5.4 percent after it said its going into the fall season a bit more cautiously. Its higherincome customers have been spending more, because theyre more protected from the weak job market than middleincome Americans. But the volatile stock market could hurt wealthy shoppers confidence. Saks said its revenue rose 13 percent last quarter from a year ago, and it reported a loss of just $8.4 million versus its loss a year ago of $32.2 million.

Urban Outfitters fell 8.9 percent, the most among stocks in the S 500. It said late Monday that its profit fell 21 percent last quarter on higher costs for catalogs and technology.

Energy stocks in the S 500 fell 0.7 percent after oil dropped $1.43 per barrel to $86.45.

The yield on the 10year Treasury note fell to 2.22 percent from 2.31 percent late Monday as investors moved into things considered safer. A bonds yield falls when its price rises. The 10year yield fell to a record low of 2.03 percent last week.

Gold rose $28 per ounce to $1,786. Last week, it rose above $1,800 for the first time.

The Dow rallied 213 points on Monday after a series of acquisitions, highlighted by Googles $12.5 billion purchase of Motorola Mobility. It marked the Dows first threeday gain since July 1. Its rise of 763 points over the three days was the Dows biggest since November 2008, during the depths of the financial crisis. discount online clothing