Stocks indexes decline after IMF predicts weaker growth
NEW YORK — Stocks slumped Tuesday on Wall Street after the International Monetary Fund predicted weaker world economic growth and as investors waited for what they expect to be lower corporate earnings.
The Dow Jones industrial average declined 110.12, or 0.8 percent, to 13,473.53. The S&P 500 dropped 14.40, a hair under 1 percent, to 1,441.48. The Nasdaq index lost 47.33, or 1.5 percent, to 3,065.02.
Investors were discouraged by an IMF report that projected the world economy will expand 3.3 percent this year, down from the previous estimate of 3.5 percent growth. Its updated forecast for 2013 growth is 3.6 percent, down from 4.1 percent.
Boeing S.C.’s first 787 arrives at its home base
The first 787 passenger plane made at Boeing South Carolina landed in India on Tuesday, a day after an Air India crew began the journey from Charleston International Airport. The flight included a stop for fuel in Germany.
The jet was the third 787 to be delivered to Air India, which expects to put them into service Oct. 15.
Accenture buys ad firm formed in Mount Pleasant
Accenture has acquired avVenta Worldwide, a digital marketing company that was founded in Mount Pleasant and still maintains a small local office. The consulting giant announced the deal Tuesday without disclosing the terms.
Founded in 2005, avVenta creates online advertisements for agencies and brands. After receiving a $20 million infusion from a investment group in 2009, the company moved its headquarters to New York. About 500 of its roughly 600 employees work in Costa Rica.
Amid Twitter backlash, Welch curtails writings
NEW YORK — Jack Welch, the former chief executive officer of General Electric, will stop writing for Thomson Reuters and Fortune magazine after backlash to his Twitter post suggesting President Barback Obama’s administration manipulated employment data for political gain.
The move followed criticism by Fortune managing editor Andy Serwer of Welch’s comments on Friday’s U.S. jobless report and a Reuters story quoting a money manager who described Welch’s statements as laughable, Fortune said.
Alcoa posts $143M loss; revenue tops estimates
PITTSBURGH — Aluminum maker Alcoa said Tuesday it lost $143 million in the third quarter due to charges, but otherwise topped expectations. The loss compares with a $172 million profit a year ago.
Excluding $175 million in charges, Alcoa earned $32 million. Revenue fell to $5.83 billion from $6.42 billion but still topped analyst forecasts.
Alcoa, which has a smelter near Goose Creek, has been challenged by the global manufacturing slowdown which hurt aluminum demand.
Best Buy CFO leaving in another key departure
MINNEAPOLIS — Best Buy said Tuesday that its chief financial officer is leaving, the latest executive departure for the struggling electronics chain.
The news comes as Best Buy’s founder and former chairman Richard Schulze mulls an offer for the company, which is attempting to improve results amid tough competition.
Best Buy is seeking a new CFO to replace James Muehlbauer, who will continue to advise the company until Feb. 3.
Staff and wire reports