At the end of an upbeat week on Wall St, US stocks took a tumble on Friday. Investors stepping back after some disappointing earnings results from General Electric and Bank of America indicating that the economic recovery is not going to be smooth.
The Dow Jones industrial average fell 67 points to 9,996. The S&P500 Index dropped 9 points to 1,088 and the NASDAQ finished 16 points lower at 2,157.
In company news: Shares in conglomerate General Electric Company (NYSE:GE) lost 4.23 per cent to $16.08. The company reported weaker earnings and revenue for the third quarter. Revenue fell around 20 per cent missing expectations, while earnings however came in above estimates for the quarter. According to CNN Money GE says it sees signs of stabilization along with the economy.
Shares in Bank of America Corporation (NYSE:BAC) declined 4.64 per cent to $17.26. The bank reported a loss of $2.2 billion for the quarter that was wider than expected. Consumer credit problems outweighed improvement in the banks wealth management business.
Shares in information technology company International Business Machine Corporation (NYSE:IBM) fell 4.95 per cent to $121.64. IBM reported third quarter earnings that came in above expectations and upgraded the company’s outlook for the full year. And shares in chipmaker Advanced Micro Devices Inc (NYSE:AMD) slipped 7.27 per cent to $5.74. The company posted a loss for the third quarter that was narrower than expected, and sales that managed to top estimates.
Checking the NASDAQ Top 100: The best performer was Google shares rose 3.76% to $549.85. Oracle and Yahoo were the next best performers. Steel Dynamics was the worst performer, falling 4.65% to $15.39. Garmin and Expedia also finished lower.
