Asia stocks fall on Spain, US earnings worries

Associated Press Modified: October 9, 2012 at 9:45 pm •  Published: October 9, 2012
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The IMF also cut its estimates for global economic growth, warning that mature economies are at risk of recession.

Investors on Wall Street were discouraged by the IMF report as well as expectations of lower corporate earnings. Analysts expect earnings for Standard & Poor's 500 companies to be lower than a year ago — the first time that has happened in almost three years.

The Dow Jones industrial average fell 0.8 percent to 13,473.53. The Standard & Poor's 500 index fell 1 percent to 1,441.48. The Nasdaq composite index fell 1.5 percent to 3,065.02.

Benchmark oil fell 31 cents to $92.08 per barrel in electronic trading on the New York Mercantile Exchange.

The price of oil rose more than 3 percent Tuesday on concerns about supplies from the Middle East and the North Sea. The contract rose $3.06 to finish at $92.39 per barrel.

In currencies, the euro fell to $1.2861 from $1.2880 late Tuesday in New York. The dollar rose to 78.25 yen from 78.22 yen.