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US: Stocks little changed as IMF cuts outlook


[NEW YORK] Wall Street stocks opened little changed Tuesday as the IMF trimmed its forecast for global growth and the market prepared for a trove of earnings from big US banks.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,575.79, up 19.38 points (0.11 per cent).

The broad-based S&P 500 added 2.09 (0.10 per cent) at 2,044.08, while the tech-rich Nasdaq Composite Index dipped 2.54 (0.05 per cent) to 4,830.86.

The International Monetary Fund cut its 2016 global growth forecast by 0.2 percentage point to 3.2 per cent, citing a worsening outlook for Brazil and some other emerging economies and tepid growth in many advanced economies.

Alcoa got earnings season off to a downcast open after the market close Monday, reporting a steep drop in first-quarter earnings and announcing plans to cut as many as 2,000 jobs.

Large banks report earnings later in the week.


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