New York - UPI
U.S. markets slumped early Tuesday after the International Monetary Fund warned a second global recession was a distinct possibility. In its quarterly \"World Economic Outlook\" report, the IMF notched its forecast of the global economy\'s 2012 gross domestic product to show 3.3 percent growth, down 0.2 percentage points from a prediction made in July. For 2013, the IMF forecast growth of 3.6 percent, down from a previous prediction of 3.9 percent. In early afternoon trading the Dow Jones industrial average dropped 75.39 points, 0.56 percent, to 13,508.80. The Nasdaq composite index lost 39.55 points, or 1.27 percent, to 3,072.80. The Standard and Poor\'s 500 index gave up 10.56 points, or 0.73 percent, to 1,445.32. The benchmark 10-year treasury note rose 14/32 to yield 1.703 percent. The euro fell to $1.2868 from Monday\'s $1.2969. Against the yen, the dollar fell to 78.22 yen from 78.34 yen. In Japan, the Nikkei 225 index shed 1.06 percent, 93.71 points, to 8,769.59. In London, the FTSE 100 index lost 0.54 percent, 41.49 points, to 5,810.25.