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Market Commentary and Intraday News
US stocks falling for 3rd day on lower earnings
298 days ago
By BERNARD CONDON
AP Business Writer
(AP:NEW YORK) Stocks are sliding following weak earnings from United Parcel Service and other major U.S. companies. The market was headed for its third loss in a row.
The Dow Jones industrial average dropped 119 points to 12,603 at midday Tuesday. The Standard & Poor's 500 fell 12 points to 1,339. The Nasdaq dropped 16 points, to 2,874.
UPS fell $3.78, or nearly 5 percent, to $74.17 after cutting its earnings forecast 4 percent for the year because of the global economic slowdown. Chemical maker DuPont posted a 3 percent decline in net income. Its stock lost 45 cents, or 0.5 percent, to $48.26.
A report from the Federal Reserve Bank of Richmond indicated that manufacturing in the central-Atlantic region is contracting. That followed reports of pullbacks in New York and Philadelphia.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
