12:50 PM New York – U.S. markets extended losses as crude oil, gold and metals widen losses in the year. S&P 500 index is set to decline for the third week in a row as worldwide losses extends to emerging markets. DAX Index and CAC 40 index in Paris are down 11%.
U.S. stocks extended losses on the rising worries of global growth and technology heavy index Nasdaq is set for the largest weekly loss since 2012.
S&P 500 index declined 0.4% or 7.65 to 1,920.56 and the Nasdaq Composite dropped 1.4% or 58.67 to 4,319.67.
The Nasdaq Composite is set to fall 3% in the week, the largest weekly loss in two years.
World markets have been in doldrums and commodities extended yearly losses after the International Monetary Fund lowered its forecast for global growth this week and added that the euro zone is likely to face a recession.
Family Dollar Stores, Inc.
) fell 0.2% or 15 cents to $77.60 after the discount store reported net sales in the fourth-quarter ending on August 30 advanced 4.5% to $2.61 billion from a year ago period. Comparable store sales in the quarter rose 0.3%.
Net income in the quarter plunged 66.2% to $34.5 million or 30 cents a diluted share compared to $102.2 million or 88 cents from a same quarter last year.
Microchip Technology Inc
) plunged 12.6% or $5.75 to $39.78 after the memory chip maker announced revenue for the second-quarter to be about $546.2 million, less than the July estimate between $560 million and $575.9 million.
In London trading, FTSE 100 index slumped 1.4% or 86.62 to 6,345.23 and in Frankfurt the DAX index declined 2% or 181.98 to 8,823.04.
In Paris, CAC 40 index dropped 1.4% or 59.48 to 4,081.97.
rose 0.1% to 1,496 francs after the Switzerland-based fragrances and flavor products maker reported total sales in the nine-months ending in September fell 0.2% to 3.31 billion francs from 3.32 billion francs a year ago period.
The company added sales from fragrance division jumped 0.5% to 1.59 billion francs but sales from flavor division declined 0.8% to 1.73 billion francs from the same period of a year ago.
Market indexes in Japan declined for the second week in a row and the Topix index fell 3.1% and plunged 7.7% from the recent high on September 25.
For the week, the Nikkei 225 declined 2.6%. The yen gained, first weekly rise since August.
Stocks in Tokyo dropped more than 1% after market indexes across Asia plunged following overnight losses in the U.S. markets.
The sharp sell-off was prompted on the worries that the global economies are likely to face headwinds and the European economies are expected to shrink or fall in recession as the central banks looks for ways to revive economic growth and struggle to revive inflation and aggregate demand.
The Nikkei 225 Stock Average dropped 178.38 or 1.2% to 15,300.55 and the broader Topix index slipped 17.69 or 1.4% to 1,243.09.
For the week, Nikkei 225 declined 2.6%.
The yen gained 0.2% and closed at 107.99 against one dollar.
The Asia-wide sell-off saw declines of 1.3% in India, 1.9% in Hong Kong, 0.6% in Shanghai and 2% in Australia.