US Markets Continue Losing Streak
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iStockphoto/Thinkstock(NEW YORK) — U.S. stocks dropped Wednesday after some weak earnings reports.
The Dow Jones Industrial Average declined 48.07 points, closing at 15,470.67. The S&P 500 slid to 1,690.91, a loss of 6.46 points. The Nasdaq Composite dropped 11.76 points to 3,654.01.
Shares of Ralph Lauren, Marathon Oil, First Solar and Zillow all fell after second-quarter earnings or forecasts disappointed investors.
Bank stocks were also down after the government’s accusation of civil fraud on Tuesday.
Meanwhile, Americans borrowed more last month to buy cars and attend school, but they held on to their credit cards. The Federal Reserve says borrowing increased $13.8 billion from May, while credit card use fell $2.7 billion.
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