US STOCKS-Wall St drops on global growth worry, slowing M&A activity

miércoles 15 de octubre de 2014 10:15 GYT
 

* Shire shares tumble as AbbVie reconsiders bid

* Retail sales drop more than expected in September

* Producer prices fall for first time in over a year

* Indexes off: Dow 1.15 pct, S&P 1.15 pct, Nasdaq 1.09 pct (Updates to open)

By Chuck Mikolajczak

NEW YORK, Oct 15 (Reuters) - U.S. stocks dropped on Wednesday, with each of the major U.S. indexes briefly falling more than two percent, as economic data reinforced worries over the health of the world economy and on signs of slowing merger activity.

The declines sent the S&P and Nasdaq composite indexes into negative territory for the year, while the Dow Industrials fell into the red for 2014 on Friday. The benchmark S&P 500 has lost more than 7 percent since its Sept. 18 record closing high.

The S&P 500 had eked a tiny gain at the close a day earlier following three sessions of declines spurred by concern over plunging oil prices, the potential impact of global economic weakness on U.S. earnings and the spread of Ebola.

Aside from concerns about the global economy, Chicago-based AbbVie said it was reconsidering its $55 billion takeover of the company weeks after the U.S. government moved to curb deals designed to reduce tax, throwing the vitality of merger and acquisition activity into doubt.   Continuación...