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Stock market slips on weak earnings

Published: Thursday, April 18, 2013 3:20 p.m. CDT • Updated: Thursday, April 18, 2013 4:19 p.m. CDT
Caption
(AP photo)
In this Tuesday, April 16, 2013, photo, Trader John Yaccarine, left, and specialists Mark Otto, center, and Christopher Malloy, work on the floor of the New York Stock Exchange Tuesday, April 16, 2013. Disappointing earnings results weighed on the stock market in y trading on Thursday, April 18, 2013, following two steep drops this week.

NEW YORK – Disappointing earnings from a range of companies gave major indexes their third loss this week.

The stock prices of Morgan Stanley, UnitedHealth Group and others sank after they turned in weaker quarterly results. Morgan Stanley reported overall earnings slipped 12 percent from a year earlier. UnitedHealth’s first-quarter earnings sank 14 percent.

The Dow Jones industrial average fell 81 points to close at 14,537, a loss of 0.6 percent.

The Standard & Poor’s 500 index fell 10 points to 1,541, a decline of 0.7 percent.

The Nasdaq composite was down 38 points to end at 3,166, or 1.2 percent. Another loss in Apple, the Nasdaq’s biggest component, pushed the index lower.

More stocks fell than rose on the New York Stock Exchange. Volume was higher than average at 3.9 billion shares.

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