Stocks Fell on Earnings Caution

U.S. stocks ended sharply lower on Tuesday, as investors exercised caution ahead of the start of earnings season.  The Dow Jones industrial average fell 117.59 points, or 0.69 percent, to 16,906.62. The S&P 500 slid 13.94 points, or 0.70 percent, to 1,963.71. The Nasdaq Composite dropped 60.07 points or 1.35 percent, to 4,391.46.

Alcoa Inc. (AA) reported late Tuesday it earned $138 million, or 12 cents a share, in the second quarter,
reversing a net loss of $119 million, or 11 cents a share, in the same period a year ago. Sales for the quarter
ended June 30 fell to $5.84 billion from $5.85 billion a year ago.

Consumer borrowing in the U.S. surged again in May as Americans took out more loans to purchase cars. The $19.6 billion increase in credit followed a revised $26.1 billion gain in April, Federal Reserve figures showed today in Washington.

The car-hailing service Uber is taking on New York City’s taxis, temporarily dropping some of its prices by 20 percent. The company says the price of its UberX lower-end service is now cheaper than the rate charged by the city’s famous yellow cabs.

About the Author

has written 14551 stories on this site.

Copyright © 2012 Nine Stocks