World Economic Fears Send Brazil Stocks Down Again

By THE ASSOCIATED PRESS
Published: January 13, 2009
Filed at 8:28 p.m. ET
SAO PAULO, Brazil (AP) -- Stocks fell in Mexico and Brazil on Tuesday on fears about the health of U.S. businesses and declining industrial employment in Brazil.
Brazil's benchmark Ibovespa index dropped for a third day session, by 1 percent to 41,583. Mexico's IPC index fell 0.5 percent to 21,047.
Investors were spooked after U.S. aluminum giant Alcoa Inc. kicked off the fourth quarter earnings season in disappointing fashion. In Brazil, the government reported that industrial employment fell 0.6 percent in November, the largest drop in five years.
Stocks posted minor gains in Argentina and Chile.
Argentina's Merval closed up 0.3 percent at 1,132. Chile's IPSA rose 0.1 percent to 2,470.