Stocks Ended Lower, Dow Fell Triple Digits

U.S. stocks fell sharply on Wednesday, with the first triple-digit drop for the Dow since June as investors worried about that the Fed is about to begin a taper of its bond-buying program. The Dow Jones Industrial Average was down 113.35 points, or
0.73%, at 15,337.66. The S&P 500 index declined 8.77 points, or 0.52%, to 1,685.39. The Nasdaq Composite lost 15.17 points, or 0.41%, to 3,669.27.

Network equipment maker Cisco Systems Inc on Wednesday reported fiscal fourth-quarter revenue in line with Wall Street expectations. Cisco had a net profit of $2.3 billion, or 42 cents per share, in the quarter. That compared with a profit of
$1.9 billion, or 36 cents per share, in the year-ago quarter. Revenue rose 6 percent to $12.4 billion, matching analysts’ expectations, according to Thomson Reuters I/B/E/S.

The MGM movie studio said on Wednesday its second-quarter profit fell 16 percent from the year-before quarter, when its net income was boosted by the sale of Latin American TV stations. Net income for the quarter that ended in June dropped to $35.9
million from $42.6 million a year earlier. Excluding the one-time gain from the asset sale, net income rose by $30 million, the company said. Revenue rose 164 percent to $339 million.