News / USA

Disappointing Corporate Earnings Hurt Stock and Oil Prices

Traders work on the floor of the New York Stock Exchange, October 23, 2012.
Traders work on the floor of the New York Stock Exchange, October 23, 2012.
VOA News
Disappointing corporate earnings and continuing worries about Spain's battered economy cut stock prices on key European and U.S. exchanges Tuesday.  Crude oil prices also declined.

France's CAC-40 and Germany's DAX were down more than two percent at the close, while in New York, the benchmark Dow lost more than 1.7 percent while the S&P 500 fell more than 1.4 percent.

Analysts say the declines follow weaker than expected earnings from major companies like IBM, FedEx, and McDonald's.  Chemical company DuPont said it will cut 1,500 jobs after profits declined sharply.  

Traders apparently saw the disappointing earning reports as a sign that the economy will slow down, cutting demand for energy.  That perception is one reason that oil prices declined in key markets.  
 

Some information for this report was provided by AP, AFP and Reuters.

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by: Godwin from: Nigeria
October 24, 2012 1:24 PM
Is there no way of manipulating those figures to shore up Obama's campaign of strong showing on jobs and economy? Where are those guys who performed the miracle of lifting the unemployment figures for August and September to prove a 7.8 level to boost Obama ahead of debate on the economy with Mitt Romney? Or have you given up your candidate so soon? You see, you can't fool all the people all the time!

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