Wall Street drops more than 1 pct as growth fears resurface

Wall Street was sharply lower, with the three major indexes falling more than 1 percent in late morning trading on Tuesday, after weak economic data out of China and Europe rekindled fears of a slowing global economy. Activity at China's factories shrank for the 14th straight month in April as demand stagnated, a private survey showed. Adding to the downward pressure, oil prices dropped about 2 percent as rising output from the Middle East renewed concerns about global oversupply.