US STOCKS-Wall St set for modest bounce after selloff
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By Chuck Mikolajczak
NEW YORK, Oct 13 (Reuters) - U.S. stocks were set for a modest bounce on Monday after the S&P 500 suffered its worst weekly drop since May 2012 and the Dow moved into negative territory for the year on global growth concerns.
The benchmark S&P index slumped 3.1 percent last week to sit just above its support level, the 200-day moving average of around 1,905, and is now down 5.2 percent from its record high set on Sept. 18. The declines were sparked by a cut in the global growth forecast by the International Monetary Fund and disappointing economic data in Europe.
A serious slowdown in the global economy could lead the U.S. Federal Reserve to delay an increase in interest rates if deemed serious enough, Fed officials said over the weekend.
Earnings season will pick up this week, with results expected from Dow components Intel, Johnson & Johnson , UnitedHealth, American Express and General Electric, as well as financials Morgan Stanley , Citigroup, Bank of America and Wells Fargo . Continuación...