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Weak Corporate Earnings Reports Pummel Stocks

It’s been one of the worst days of the year on Wall Street.

Wall Street
PhotoLink, Getty Images

Weak corporate earnings reports pummeled stocks Tuesday. Early figures show the Dow Jones industrial average is ending the day down 243 points at 13,102. That’s the third steepest point decline of the year.

The Standard & Poor’s 500 index is finishing down 20 points at 1,413. And the Nasdaq composite index fell 26 points to 2,990 — its first close below 3,000 since Aug. 6.

DuPont, 3M, UPS and Xerox all missed financial analysts’ expectations for revenue.

Declining stocks outnumbered advancers by almost 3-to-1. Trading volume was heavier than average, 3.5 billion shares.

 

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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