Dow, Nasdaq slide in early trading |
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Wed, 18 Apr 2007 15:04
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NEW YORK (AP) - Stocks edged lower in early trading Wednesday, as a mixed batch of earnings reports led some traders to take profits after two weeks of gains in the Dow Jones industrials.Investors pulled back after Yahoo Inc. posted a surprising 11 percent drop in its first-quarter profit. Also making investors shudder were disappointing results from International Business Machines Corp. and Motorola Inc.JPMorgan Chase & Co. added some lift to the Dow after the bank reported a 55 percent jump in profits that far surpassed Wall Street's expectations. The 30 companies that make up the index -- nearly half of which report earnings this week -- have been mostly beating the Street's predictions.Wall Street also paid close attention to a sharp drop in the dollar, which is now at 26-year lows against the British pound. The U.S. currency has been weakening because interest rates have remained steady since the summer, and because the U.S. economy is slowing.In the first hour of trading, the Dow Jones industrial average fell 15.61, or 0.12 percent, to 12,757.43.Broader stock indicators also fell. The Standard & Poor's 500 index was down 2.64, or 0.18 percent, at 1,468.84, and the Nasdaq composite index shed 8.45, or 0.34 percent, to 2,508.50.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Sector Snap: Internet stocks mixed 