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Economic growth concerns sink stocks

Tuesday, May 03, 2016 - 01:19

Weak economic data in China and Europe reignited worries about global growth, and weighed on U.S. stocks in Tuesday's session. Bobbi Rebell reports.

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Broad-based selloff on Wall Street. The culprit: weak economic data from China and Europe. That reignited fears of a global economic slowdown. Richard Steinberg of HSW Advisors at HighTower: (SOUNDBITE) RICHARD STEINBERG, PARTNER, HSW ADVISORS AT HIGHTOWER, (ENGLISH) SAYING: "I'd like to think we don't have to go back to the lows of February 11th, but I do think we're going to be volatile and choppy in and around that range." U.S. auto sales were on pace to hit a new April high. But investors took profits on car stocks, fearing the industry may be hitting a peak. Pfizer raised its revenue and profit outlook for the year. Its quarterly profit and revenue rose sharply. The drug maker scrapped a $160 billion merger deal with Allergan last month. Another company that had to abandon its merger agreement, Halliburton, said it'll consider acquisitions to boost its weaker businesses. The oilfield services giant called off its deal with Baker Hughes on Sunday. Yelp shares got a lift after activist investor David Einhorn said he had invested in the business review site. IMS Health is merging with Transnational Holdings. The $9 billion deal unites the medical research provider with the healthcare data company to offer a range of services. In Europe, a drop in banking and mining stocks pushed shares down to a three-week low.

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Economic growth concerns sink stocks

Tuesday, May 03, 2016 - 01:19