NEW YORK —
Stocks are closing lower for a third straight day following weak earnings reports, a pullback at U.S. factories and fear that Europe’s debt crisis could spiral out of control.
The Dow Jones industrial average lost 104 points to close at 12,617 Tuesday.
United Parcel Service fell 5 percent after cutting its earnings forecast for 2012. DuPont dropped 2 percent after reporting net income dropped in the second quarter.
The Standard & Poor’s 500 fell 12 points to 1,338. The Nasdaq composite was off 27 points at 2,863.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume as average at 3.8 billion shares.
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Discussion
July 24, 2012
Stocks drop for a 3rd day as earnings slide
- Business
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Small company stocks take the limelight
Small-company stocks were a bright spot in a slow and choppy start to the week for Wall Street.
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WPX Energy rises as hedge fund discloses stake
Shares of WPX Energy soared to an all-time high on Monday as a hedge fund disclosed a minority stake in the oil and gas company.
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Yahoo takes big leap with $1.1B deal for Tumblr
Yahoo is buying online blogging forum Tumblr for $1.1 billion as CEO Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.
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Arkansas Best freezes nonunion pensions
Fort Smith-based Arkansas Best Corp. says it is freezing its pension plan for employees who are not in a union.
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Enbridge Energy planning pipeline into Oklahoma
Enbridge Energy Co. is preparing to construct a 600-mile pipeline that will carry crude oil from Illinois to Cushing, and the project promises to bring several hundred jobs.
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Fan Outfitters sold to national chain
A Lexington-based string of sporting goods clothing stores has been sold to Lids Sports Group, a national chain based in Indianapolis.
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Chesapeake names Anadarko executive as new CEO
Chesapeake Energy has named Anadarko Petroleum executive Robert Douglas Lawler as its new CEO.
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Stocks hold close to record levels
A stock market surge took a pause Monday after investors pushed indexes to record levels last week.
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American will favor passengers without roller bags
If you’re traveling light, you can board earlier on American Airlines.
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A late fade on Wall Street; Wal-Mart, Disney slump
Signs of a slowing economy combined with comments from a Federal Reserve official helped pull the stock market down Thursday.
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