Stocks Fell Sharply on Earnings, Durable Goods

U.S. stocks closed more than 1 percent lower on Tuesday, following a surprise drop in durable-goods orders and disappointing results from a number of bellwether companies.The Dow Jones Industrial Average dropped 291.49 points, or 1.65%, to 17,387.21. The S&P 500 was down 27.54 points, or 1.34%, to 2,029.55.
The Nasdaq Composite shed 90.27 points, or 1.89%, to 4,681.50.

Orders for business equipment unexpectedly fell in December for a fourth month, signaling a global growth slowdown is weighing on American companies. Bookings for non-military capital goods excluding aircraft dropped 0.6 percent for a second month, data from the Commerce Department showed today in
Washington.

AT&T Inc. (T) on Tuesday reported a fourth-quarter loss of $3.98 billion, after reporting a profit in the same period a year earlier. On a per-share basis, the Dallas-based company said it had a loss of 77 cents. Earnings, adjusted for non-recurring costs, came to 55 cents per share.

Amgen Inc (AMGN.O) on Tuesday reported higher-than-expected fourth-quarter profit, driven by strong sales of its blockbuster rheumatoid arthritis drug Enbrel, cost cutting and a tax credit. It posted a net profit of $1.29 billion, or $1.68 per share, compared with a profit of $1.02 billion, or $1.33 per share, a year ago.