Corporate Earnings, Energy Prices Pull Stocks Lower
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Hemera/Thinkstock(NEW YORK) — Falling energy prices and disappointing earnings sent stocks tumbling.
The Dow Jones Industrial fell 139 points to 14,618.59. The Nasdaq Composite lost 60 points to close at 3,204.67. The S&P 500 gave up 23 points, closing at 1,552.01.
Energy stocks led the decline, with the price of crude down for the fourth day in a row, losing more than $2 a barrel to just under $87.
Shares of Apple fell below 400 dollars Wednesday for the first time in a year and a half.
Bank of America, CSX and Yahoo’s latest earnings came in lower than expected.
A strengthening housing recovery and robust auto sales contributed to moderate growth across the U.S. in late February and March. The Federal Reserve’s latest Beige Book numbers suggest the economy performed better in March than recent government data on hiring and consumer spending indicated.
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