US STOCKS-Wall St hits lowest level in 5 months; S&P breaks support

lunes 13 de octubre de 2014 11:02 GYT

* Canadian Pacific approached CSX about merger -WSJ

* Earnings reports to pick up speed this week

* Indexes off: Dow 0.36 pct, S&P 0.66 pct, Nasdaq 1.06 pct (Updates to late morning)

By Chuck Mikolajczak

NEW YORK, Oct 13 (Reuters) - U.S. stocks fell on Monday to continue their recent decline, with the S&P 500 dropping to its lowest level since May on global growth concerns.

The benchmark S&P index had slumped 3.1 percent last week and Monday's losses pushed the index below both the 1,900 level and its 200-day moving average of around 1,905, seen as support points.

The declines were sparked last week by a cut in the global growth forecast by the International Monetary Fund and disappointing economic data in Europe.

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 .

"The market is continuing to fall on technical weakness awaiting the earnings reports ... the flood begins tomorrow," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.   Continuación...