Weak quarterly reports push stocks lower for a second day
Source: Associated Press
TUESDAY, JAN 31, 2017 01:46 PM EST
NEW YORK (AP) — U.S. stocks are falling Tuesday following weak fourth-quarter results from companies including UPS and Under Armour. Industrial and technology companies are down the most as investors move money into bonds and stocks that pay large dividends, like utilities. The Standard & Poor’s 500 index is on track for its fourth consecutive loss.
KEEPING SCORE: The Dow Jones industrial average fell 147 points, or 079 percent, to 19,823 as of 1:30 p.m. Eastern time. The S&P 500 lost 9 points, or 0.4 percent, to 2,271. The Nasdaq composite fell 29 points, or 0.5 percent, to 5,584. The Russell 2000 index of small-company stocks lost less than 1 point to 1,351.
The S&P 500 is on the verge of its longest losing streak since before the presidential election in November. But the losses have been fairly small and other indexes haven’t lost much ground. The Nasdaq set an all-time high on Friday.
SHOELACES UNTIED: Athletic apparel maker Under Armour is plunging after investors were disappointed with its fourth-quarter report, which included higher expenses. Under Armour also issued a weak full-year forecast and said its chief financial officer is leaving. The stock tumbled $7.31, or 25.3 percent, to $21.63. It dropped 30 percent last year and is now trading at its lowest price in two years. Rival Nike also lost 63 cents, or 1.2 percent, to $52.45.
Read more: http://www.salon.com/2017/01/31/weak-quarterly-reports-push-stocks-lower-for-a-second-day/
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