We present a V-I color-magnitude diagram for a region 1'-2' from the c
enter of M32 based on Hubble Space Telescope WFPC2 images. The broad c
olor-luminosity distribution of red giants shows that the stellar popu
lation comprises stars with a wide range in metallicity. This distribu
tion cannot be explained by a spread in age. The blue side of the gian
t branch rises to M(I) approximate to-4.0 and can be fitted with isoch
rones having [Fe/H]approximate to-1.5. The red side consists of a heav
ily populated and dominant sequence that tops out at M(I) approximate
to-3.2, and extends beyond V-I=4. This sequence can be fitted with iso
chrones with -0.2<[Fe/H]<+0.1, for ages running from 15 Gyr to 5 Gyr,
respectively. We do not find the optically bright asymptotic giant bra
nch stars seen in previous ground-based work and argue that the majori
ty of them were artifacts of crowding. Our results are consistent with
the presence of the infrared-luminous giants found in ground-based st
udies, though their existence cannot be directly confirmed by our data
. The tip of the metal-poor portion of the giant branch occurs at the
luminosity expected if M32 is at the same distance as M31 but is too s
parsely sampled by this data set to provide a precise distance estimat
e. At fainter magnitudes, the rising giant branch is significantly wid
er (FWHM(V-I)similar to 0.6 mag down to M(I) similar to-1.0) than can
be accounted for by photometric uncertainties, again due to a metallic
ity spread. There is little evidence for an extended or even a red hor
izontal branch, but we find a strong clump on the giant branch itself,
as expected for the high metallicities inferred from the giant branch
. If the age spread is not extreme, the distribution of metallicities
in M32 is considerably narrower than that of the closed-box model of c
hemical evolution, and also appears somewhat narrower than that of the
solar neighborhood. Overall, the M32 HST color-magnitude diagram is c
onsistent with the average luminosity-weighted age of 8.5 Gyr and [Fe/
H]approximate to-0.25 inferred from integrated spectral indices, extra
polated to the same radius and analyzed with the same population model
s. (C) 1996 American Astronomical Society.