US STOCKS-Wall St touches lowest level since May; S&P breaks support

lunes 13 de octubre de 2014 11:57 GYT
 

* Canadian Pacific approached CSX about merger -WSJ

* Earnings reports to pick up speed this week

* Indexes off: Dow 0.21 pct, S&P 0.39 pct, Nasdaq 0.28 pct (Updates to midday)

By Chuck Mikolajczak

NEW YORK, Oct 13 (Reuters) - U.S. stocks extended their recent decline on Monday, putting the S&P 500 on track for its fifth decline in six sessions, as the benchmark index touched its lowest level since May on global growth concerns.

The S&P had slumped 3.1 percent last week and Monday's losses pushed the index as low as 1,890.67, below both the 1,900 mark and its 200-day moving average of around 1,905, which are 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...