IMF Lowers Global Growth, Bears Bite

12:35pm (EST)

The market is treading water today following comments from the International Monetary Fund (IMF) after they cut their forecasts for global growth and warned of a world-wide slowdown. More importantly, they believe France, Spain, Greece and several other Eurozone countries won’t meet their budget-deficit targets they have agreed to.

The bulls brushed off the news at the open and tried to push positive territory but Tech has been weak and the chaos in Greece is weighing on the indexes as well. Economic news will pick up starting tomorrow and the nonfarm payrolls report is still being questioned. With jobless claims coming up on Thursday, Wall Street will be looking for clues on why the rate dropped from 8.1% to 7.8%. Perhaps more people are selling items on eBay (EBAY, $46.74, down $1.18). (read more…)

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IMF Lowers Global Growth, Bears Bite

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