Stock down on global growth worries…Auto, student loans push consumer borrowing up…Yum earnings

NEW YORK (AP) — The prospects of weakening global growth are weighing on the stocks. Though U.S. growth has been strengthening, the outlook elsewhere is far less encouraging and the International Monetary Fund has trimmed its forecast for global economic growth. The S&P 500 fell 29.72 points, or 1.5 percent, to 1,935.10. The Dow dropped 272.52 points, or 1.6 percent, to 16,719.39. The Nasdaq composite also lost 1.6 percent, falling 69.60 points to 4,385.20.

WASHINGTON (AP) — U.S. consumers increased their borrowing in August. The Federal Reserve says overall borrowing rose $13.5 billion, pushing total consumer debt to a record level of $3.25 trillion. While auto and student loans were up, credit card debt declined by $208 million, the first drop in that category in six months.

LOUISVILLE, Ky. (AP) — Yum Brands’ third-quarter profit has beaten expectations, but revenue has fallen short. The parent company of KFC, Taco Bell and Pizza Hut says it earned $404 million, a profit of 89 cents per share. Revenue was $3.35 billion.

NEW YORK (AP) — Twitter is suing the FBI and the Department of Justice to be able to release more information about government surveillance of its users. The social media company filed a lawsuit in a California federal court to publish its full “transparency report,” which documents government requests for user information. Twitter says it’s entitled under the First Amendment to respond to “users’ concerns.”

CAMDEN, N.J. (AP) — A federal bankruptcy judge has approved the sale of Atlantic City’s former Revel Casino Hotel for 5 cents on the dollar. The Toronto firm Brookfield Asset Management is buying the property for $110 million. The casino cost $2.4 billion to build. One of Revel’s attorneys says: “The best news is Revel is going to reopen as a casino.”

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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