Economy | News-Opinion
CLOSING BELL: October 19th: DJIA: 13,343.51 | DOWN 205.43 | -1.52%
OIL: $90.06 DOWN 2.04, -2.21%
GOLD: $1,722.60, DOWN 22.10, -1.27%
GASOLINE: (US Avg): $3.715, DOWN .022
Poor earnings slam Wall Street with worst loss in four months
REUTERS, ATOSSA ARAXIA ABRAHAMIAM
(Reuters) – Stocks suffered their worst day since late June on Friday, after bellwethers General Electric and McDonald’s extended a string of disappointing earnings.
The Nasdaq ended down 2.19 percent, dragged lower for a second day by Google’s (GOOG.O) weak results. Microsoft (MSFT.O) dropped 2.9 percent to $28.64 after it said profits fell on poor sales of PCs. Google’s stock lost 1.9 percent to close at $681.79.
For the Dow, Friday’s decline marked its worst day since June 21 – with the sell-off coming on the 25th anniversary of Black Monday, the Dow’s worst single-day percentage loss ever.
For Wall Street, corporate America’s top-line figures are of particular concern. The beat rate for revenue forecasts is just 41.4 percent, compared to the long-term average of 62 percent, according to Thomson Reuters data.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
