The Joplin Globe, Joplin, MO

Business

July 9, 2012

Stocks slide ahead of corporate earnings season

NEW YORK — Stocks are closing lower on Wall Street ahead of U.S. corporate earnings reports and amid more signs of instability in Europe.

The Dow Jones industrial average slid 36 points to close at 12,736 on Monday. The Standard & Poor’s 500 index fell two points to 1,352 and the Nasdaq composite fell six points to 2,932.

Investors were edgy ahead of corporate earnings season, which begins with aluminum maker Alcoa reporting its second quarter results Monday. Corporate profits are expected to be weak because of a slowdown in the global economy.

In Europe, Spain’s borrowing costs shot up to 7 percent, a level where Greece, Ireland and Portugal had to ask for help from their lenders.

 

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