US Stocks Lower as Global Economy Concerns Remain

US stocks opened lower as worries about the state of the global economy continued to rattle investors.

Shortly after trading began the Dow Jones was down 173.24 points, or 1.1%, at 16,106.85.
The S&P 500 index fell 16.71 points to 1,922.05, while the Nasdaq was 31.97 points lower at 4,720.78.

Shares in Caterpillar fell 7% after the construction and mining equipment maker warned of falling revenues and announced thousands of job cuts.

The company cut its forecast for revenues this year by $1bn to $48bn, adding that sales in 2016 would be about 5% lower.

Caterpillar – which has been hit by the downturn in the mining and energy sectors -also said it would cut up to 5,000 jobs by the end of 2016, and could shed 10,000 posts by 2018.

Later on Thursday, investors will be keeping a close eye on a speech being given by Federal Reserve chair Janet Yellen on inflation.

via BBC

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