News Column

Bad earnings drag on Dow

January 22, 2014

US STOCKS mostly rose yesterday, with the S&P 500 snapping a two-session decline as the materials sector rallied, though the Dow fell on disappointing earnings by three of its components. The Dow fell as Travelers Cos , Verizon Communications and Johnson & Johnson - all bellwethers for their sectors - tumbled following results. Travelers fell 1.7 per cent to $85 as investors worried about the insurance provider's margins. Verizon lost 1.3 per cent to $47.70 , while J&J dropped 1.1 per cent to $94.03 after it gave a forecast at the low end of analyst expectations. The Dow Jones industrial average was down 44.12 points, or 0.27 per cent, at 16,414.44. The Standard & Poor's 500 Index was up 5.10 points, or 0.28 per cent, at 1,843.80. The Nasdaq Composite Index was up 28.18 points, or 0.67 per cent, at 4,225.76.

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Source: City A.M. (UK)

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