BUSINESS

Dow average slides 272 points as evidence of a global slowdown mounts; SodaStream plunges

10/07/2014 04:09 EDT | Updated 12/07/2014 05:59 EST
NEW YORK, N.Y. - The stock market is closing sharply lower as investors worry that global economic growth is slowing.

The Dow Jones industrial dropped 272 points, or 1.6 per cent, to 16,719 Tuesday.

The Standard and Poor's 500 fell 29 points, or 1.5 per cent, to 1,935. The Nasdaq fell 69 points, or 1.6 per cent, to 4,385.

Industrial production in Germany dropped the most in five years and the International Monetary Fund cut its outlook for global growth this year and next.

SodaStream plunged 22 per cent after the company said it isn't winning over enough new customers in the U.S. General Motors dropped 6 per cent after analysts at Morgan Stanley said the automaker's earnings will suffer as it invests in production.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.34 per cent.