Dow plunges as earnings season approaches

The Dow Jones has plummeted 77.61 points (0.93%) to 8,247.26 as investors remain jittery about the economy and anticipate a shaky earnings season.

Investors are also waiting for economic news from the G8 summit, which starts tomorrow, while lower oil prices are driving stock value lower as crude tumbles to $63 a barrel, down over $1.

Du Pont E I De Nem leads the losses, falling 3.52% to $24.44, while Caterpillar has lost3.28% to $30.67.

However, aluminium producer Alcoa has added 1.3% to $9.38 as it will open the earnings season for blue chips tomorrow, while bigger announcements are expected next month.

Intel Corp has gained 1.15% to $16.73 as the world's largest microchip maker was raised to ‘buy' from ‘neutral' by Bank of America Corp. The bank believes the industry will grow faster because of growing demand for electronics and shrinking inventory.

The FTSE has held onto marginal gains, up 1.04 points (0.02%) to 4195.95 despite a surprise drop in UK manufacturing output in May.

Factory production slumped 0.5% from April rather than the increase of 0.2% economists anticipated, according to the Office for National Statistics.

On an annual basis, output is down 12.7%, worse than the 11.8% decline forecast.

Consumer packing firm Rexam is up 2.57% to 299p, while Bunzl has added 2.53% to 526p.

Miners Rio Tinto and Antofagasta have made gains of 2.49% to £19.32 and 2.29% to 579.5p respectively.

However, Fresnillo has shed 3.08% to 464p. Man Group is also down 3.8% to 246.5p.