Stocks Get a Beatdown Over Global Concerns
NEW YORK - Stocks slid today after a wider U.S. trade gap and downbeat foreign data cast doubt on overseas demand for American goods.
Earlier today the government reported the trade deficit widened to $49.9 billion in June, increasing from the previous month much more than analysts expected.
Ian Shepherdson, economist at High Frequency Economics, wrote that the trade figures were "spectacularly terrible."
Meanwhile, the Bank of England lowered its forecast for U.K. economic growth, and it said inflation is likely to be below the 2% target in 2012.
A raft of data from China reflected a mostly downbeat July -- inflation rates missed expectations, industrial production eased to the lowest level this year and retail sales slowed.