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1st LD Writethru: U.S. stocks end mixed as IMF cuts global growth outlook

Xinhua, October 7, 2015 Adjust font size:

U.S. stocks closed mixed Tuesday after wavering in a narrow range, as the International Monetary Fund (IMF) lowered its global growth forecast for 2015.

The Dow Jones Industrial Average edged up 13.76 points, or 0.08 percent, to 16,790.19. The S&P 500 fell 7.13 points, or 0.36 percent, to 1,979.92. The Nasdaq Composite Index lost 32.90 points, or 0.69 percent, to 4,748.36.

According to the IMF's latest World Economic Outlook report issued Tuesday, the global growth for 2015 is projected at 3.1 percent, down 0.2 percentage points from its July forecast of 3.3 percent. The IMF foresees a rebound to a growth of 3.6 percent in 2016.

While speaking in Lima, capital of Peru, during the first press briefing of the World Bank-IMF Annual Meetings Tuesday, Maurice Obstfeld, the IMF economic counselor, pointed out that China's economic transformation, the fall in commodity prices and the approaching normalization of U.S. monetary policy are the three main forces currently impact the global economy.

"These developments" would lead global growth to remain "moderate and uneven, with higher downside risks than were apparent" in the summer, he said.

On the economic front, the United States' international trade deficit in goods and services increased to 48.3 billion U.S. dollars in August from revised 41.8 billion dollars in July, the Commerce Department reported Tuesday.

In corporate news, shares of PepsiCo rose 1.32 percent to 97.07 dollars apiece Tuesday after the company reported better-than-expected quarterly results.

PepsiCo posted its organic revenue growth of 7.4 percent for the third quarter and core earnings per share of 1.35 dollars. The firm also raised its forecast for the year.

Shares of DuPont surged 7.66 percent to 55.21 dollars apiece Tuesday, as the chemical giant's Chief Executive Officer Ellen Kullman announced plans to retire this month. Endit