Wall Street market report
|London | Wall Street | Asia|
(Close): Stocks on Wall Street dived after weak US economic data renewed fears over prospects for global growth.
The Dow Jones sank 173.45 points, or 1%, to 16,141.74 at the end of trade.
Figures from the Commerce Department showed US retail sales fell by a worse-than-expected 0.3% in September. Weak producer prices also suggested a lack of inflation in the economy.
Labor Department figures showed that prices received by US producers fell 0.1% last month, which was the first drop for more than a year.
Intel shares were among the fallers on the Dow, dropping 2.7%. Morgan Stanley cut its rating on the company to "underweight" a day after the chipmaker reported its third quarter results.
On Tuesday, Intel had reported third quarter net profits of $3.32bn (£2.09bn), up from $2.95bn a year earlier, while sales rose 8% to $14.6bn.
Bank of America shares fell 4.6%. The bank reported net profit for the three months to September of $168m, down from $2.5bn a year earlier. This was due to a multi-billion dollar settlement with US authorities.