Stocks tumble on earnings weakness, euro worry

Oct 23, 2012, 4:53 PM EDT
A trader seen on the floor of the New York Stock Exchange on May 1, 2012. Equities faltered in New York trade Tuesday as more earnings disappointments from bellwether U.S. companies such as DuPont, UPS and United Technologies compounded investors' qualms about the fragility of the global economy. Towards the close of Friday trade the Dow Jones Industrial Average had fallen more than 240 points from its opening, a loss of 1.8%, while the the S&P 500 index was down 1.45%.
AFP/Getty Images/STAN HONDA

Equities faltered in New York trade as more earnings disappointments from bellwether U.S. companies such as DuPont, UPS and United Technologies compounded investors' qualms about the fragility of the global economy. Two out of three of the 145 S&P 500 companies that have reported earnings so far this season have missed analysts' expectations. Overall third-quarter earnings for S&P 500 companies are expected to fall 2.5% from the same period a year earlier. Towards the close of Friday trade the Dow Jones Industrial Average had fallen more than 240 points from its opening, a loss of 1.8%, while the the S&P 500 index was down 1.45%. In European trading, stocks hit a six-week low and the euro fell after a further series of credit downgrades of Spanish regional governments.

YOU MIGHT ALSO LIKE