US STOCKS-Wall St drops on global economy worry; S&P, Nasdaq down for yr

miércoles 15 de octubre de 2014 12:15 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 1.67 pct, S&P 1.67 pct, Nasdaq 1.38 pct (Updates to late morning)

By Chuck Mikolajczak

NEW YORK, Oct 15 (Reuters) - U.S. stocks dropped on Wednesday as economic data buttressed worries over the health of the world economy and signs emerged of slowing merger activity.

Each of the major indexes fell more than 2 percent shortly after the open, sending the S&P 500 and Nasdaq into negative territory for the year, before paring losses. The Dow industrials fell into the red for 2014 on Friday.

Concern over plunging oil prices, the potential impact of global economic weakness on U.S. earnings and the spread of Ebola have rattled markets recently. The S&P 500 is on track for its sixth fall in eight sessions and is down nearly 8 percent since its Sept. 18 record closing high.

Worries about a lethargic global economy weren't helped by data that showed U.S. retail sales and producer prices fell in September, while manufacturing activity in New York slowed to its weakest pace since April.   Continuación...