Stocks drop for a 3rd day as earnings slide - My9 New Jersey

Stocks drop for a 3rd day as earnings slide

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BERNARD CONDON,AP Business Writer

NEW YORK (AP) — 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.

 

Copyright 2012 The Associated Press.

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