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Stocks end lower in US after economic warning from IMF chief

Published 05/04/2016

Stocks lost ground on Wall Street
Stocks lost ground on Wall Street

Stocks lost ground on Wall Street as investors fretted about more dire predictions for the global economy.

Markets declined steadily on Tuesday after the head of the International Monetary Fund, Christine Lagarde, warned in a speech that the global recovery remains "too slow".

Allergan plunged after the Treasury Department announced tax rules that would make its merger with Pfizer more difficult.

Disney slumped 2% after the heir-apparent to the CEO job, Tom Staggs, said he was leaving.

The Dow Jones industrial average fell 133 points, or 0.8%, to 17,603.

The Standard & Poor's 500 index declined 20 points, or 1%, to 2,045. The Nasdaq composite lost 47 points, or 1%, to 4,843.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.72%.

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