Chad Morganlander of Stifel Nicolaus commented that the overriding concern is that global growth is continuing to decelerateThe stock markets in the United States moved slightly with the Dow Jones Industrial Average DJIA and S&P 500 up by only 0.07% today. Sign Up For Our Free Newsletter The NASDAQ and the Russell 2000 declined 0.37% and 0.74% respectively. Investors' concern regarding a recession in Japan and the weak performance of the equities of small-cap companies counter-weighed corporate deals. In a telephone interview with Bloomberg, Chad Morganlander, a money manager at Stifel Nicolaus commented, "I think the central theme for the day is overriding concern that global growth is continuing to decelerate." He added, "There's a hope that monetary policy will stay accommodative across the board, which has emboldened risk-taking, During the previous quarter, Japan slid into recession after the world's third largest economy failed to withstand the sales-tax increase in April. Japan's economy dropped 1.6% in an annualized basis last quarter. Last month, the Bank of Japan BOJ expanded its economic stimulus by increasing its monetary base by by ¥80 trillion per year, tripling the size of its purchase of exchange-traded funds ETFs to ¥3 trillion and real estate purchases to ¥90 billion per year. In the United States, data showed that the industrial production declined last month due to the weakness of utilities, mines and auto industries. The outlook for the holiday sales is becoming more positive driven by the increasing consumer confidence and the declining gas prices, which could boost factories over the next several months. ECB President Mario Draghi emphasized that an expansion in manufacturing is needed amid the slowdown in Europe, Japan and emerging markets. He is seeking political action to complement the ECB's monetary to help boost the region's economy.