Stocks fall, snapping 4-day winning streak; UPS slumps
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — A batch of mixed earnings reports Friday helped push the stock market to its first day of losses this week.
Shares of tissue and diaper maker Kimberly-Clark dropped after the company's earnings fell short of expectations and it gave a disappointing outlook. Package-delivery service UPS plunged after it cut its earnings forecast.
Strong growth in company earnings have underpinned a bull run in stocks that has stretched for nearly six years. Earnings are still expected to keep rising, but the pace of growth is slowing, and investors are looking for signs that sales are up.
"Our view is that the market is poised to have a reset to reflect what we think is a lower growth environment," said James Abate, chief investment officer of Centre Funds, an asset management company.
FULL story at link.
Trader Daniel Ryan works on the floor of the New York Stock Exchange Friday, Jan. 23, 2015. The stock market finished lower, snapping a four-day winning streak, as U.S. companies report mixed quarterly results. The Dow Jones industrial average dropped 141 points, or 0.8 percent, to 17,672. (AP Photo/Richard Drew)
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