Economy
CLOSING BELL: July 20: DJIA: 12,822.57 | DOWN 120.79 | -0.93%
OIL: $91.56, UP .12, +.13%
GOLD: $1,583.50, UP .70, +0.04%
GASOLINE (US Avg): $3.447, UP .010
U.S. stocks slide 1%, financials drag
Hibah Yousuf, CNN Money – After three days of gains, U.S. stocks fell Friday, as a mixed bag of corporate news and ongoing debt problems in Europe prompted investors to take some money off the table.
Dow Jones industrial average (INDU) dropped 121 points, or 0.9%, the S&P 500 (SPX) dipped 14 points, or 1%, and the Nasdaq (COMP) fell 41 points, or 1.4%.
Financial shares were among the biggest decliners, with Bank of America (BAC, Fortune 500) leading the Dow’s slide. JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500) and Morgan Stanley (MS, Fortune 500) also fell, with shares down between 1% and 4%.
Investors were parsing through a big batch of quarterly earnings reports.
General Electric (GE, Fortune 500) was one of the top gainers on the Dow, after the company reported earnings ahead of the opening bell that topped estimates, despite weaker-than-expected revenue.
But shares of Advanced Micro Devices (AMD, Fortune 500) and Chipotle Mexican Grill (CMG) tumbled on disappointing results.
Read more at CNN Money here.
The Common Good publishes a financial market wrap-up every weekday after markets close.
