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The Dow Now: Blue Chips Decline on Worries About China, Europe

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Alcoa and UnitedHealth Group are up on the day.

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MINYANVILLE ORIGINAL Concerns about the global economy weighed down US equities in intra-Monday trading, with investors worried after the World Bank lowered growth forecasts for East Asia and China.

Europe also cast a long shadow on the market, which is nervously awaiting a meeting of European finance ministers in Luxembourg on Monday and Tuesday, where Spain's bailout request and its 2013 budget are key items on the agenda.

The Dow Jones Industrial Average (INDEXDJX:.DJI) was down 0.29% to 13,570.60 points as of 12:03 p.m. EDT.

"We're a little soft in the early going. We have a mixed bag of things coming out this week, with a heavy focus on Europe," Mark Luschini, chief investment strategist at Janney Montgomery Scott in San Francisco, told MarketWatch.

Ahead of the release of its fiscal third-quarter earnings on Tuesday, Alcoa (NYSE:AA) gained 0.66% to $9.15. Wall Street analysts predict Alcoa's net income to come in at $0.01 per share, a drop of $92.9% of its actual earnings for the same period one year earlier.

UnitedHealth Group (NYSE:UNH) also moved up 0.66% to $57.51 on the announcement that it will buy 90% of Brazil's Amil Particapacoes, Latin America's biggest health care company, for some $4.3 billion.

The leading decliner was Home Depot (NYSE:HD), down 1.71% to $62.12. Earlier, Robert W. Baird increased its price target on the home improvement retailer to $71 from $60. It has an Outperform rating on shares of the company.

Disney (NYSE:DIS) also dipped 1.30% to $52.28 after its shares were downgraded to Average from Above Average by Caris.

Twitter: @sterlingwong
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