Disappointing corporate earnings, concern about European debt talks push down stocks; Dow loses 207, closes at 11,707
October 25, 2011
– Stocks are closing with steep losses after disappointing corporate earnings and reports that a key meeting of European financial ministers had been cancelled.
Manufacturing conglomerate 3M lost 6 percent after cutting its 2011 earnings forecast. Netflix plunged 35 percent after the company cut its forecast and said it is losing subscribers. The market was also pulled lower after an index of consumer confidence plunged to the lowest level since March 2009.
The Dow Jones industrial average finished with a loss of 207 points, or 1.7 percent, to 11,707 Tuesday.
The S&P 500 fell 25, or 2 percent, to 1,229. The Nasdaq shed 61, or 2.3 percent, to 2,638.
Five stocks fell for every one that rose on the New York Stock Exchange. Volume was average at 4.3 billion shares.
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