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US Stocks Dip as Gloom in EU Overshadows US Earns

by Daniel Wagner
Wednesday Aug 8, 2012

U.S. stocks opening lower after worrisome economic reports from England and France.

The Bank of England said Wednesday that it expects the country's economy to stagnate this year. Three months earlier, in its previous quarterly inflation report, the BOE had forecast annual growth of 0.8 percent.

The French central bank said it expects economic contraction in the third quarter, the second pullback in a row.

Concerns about Europe overshadowed a mixed set of earnings reports. Macy's and Alpha Natural Resources rose after reporting higher quarterly net income. Ralph Lauren sank after forecasting a revenue decline this quarter.

The Dow Jones industrial average fell 33 points to 13,136 in the first 10 minutes of trading. The S&P 500 fell four points to 1,397. The Nasdaq composite index fell nine to 3,007.

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