Wall Street Down Depressed Profits Disappoint.
Shares on Wall Street dropped for the third day in a row on Thursday (Friday morning EDT), depressed earnings disappointment from Caterpillar, American Express and other companies.
Dow Jones Industrial Average was down 119,09 points (0.67 percent) to close at 19,061 .95.
S&P broad-based index 500 was down 12.00 points (0.57 percent) to end at 2.102, 15, while the Nasdaq technology composite index losing 25,36 points (0.49 percent) at 5.146,41.
Dow Member American Express slumped 2.5 percent, Caterpillar fell 3.6 percent and 3.8 percent, reduced 3 m all down sharply following their disappointing earnings reports.
But General Motors rose 4.0 percent after it reported a second quarter profit quadrupled from a year ago.
"The overall Profit is better than expected, but still not very good," said David Lynch, Portfolio Manager at Kenjol Capital Management.
"Valuations in the market is not cheap ... so we will need to see profit growth for the market in order to make progress."
The chip maker Qualcomm was down 3.8 percent after it announced it will cut its work force by 15 percent and is studying the possibility of splitting the company. The company reported that earnings for the quarter that ended June 28 dropped 47 percent to 1.2 billion u.s. dollars.
Dow Chemical lost 4.5 percent since Chief Executive Andrew Liveris warned in a remote conference that "volatility and the weakening of" evenly distributed in the key sectors of China, a major growth market for the chemical giant it is.
Metal and petroleum producers Freeport-McMoRan shrank 9.4 percent following the losses of 1.85 billion dollars, mainly because of a reduction in the value of oil and gas properties. The loss also coincides with the position of the new multi-year lows for the price of copper.
Under Armour, which makes athletic clothing, surged 7.3 percent after lifting his estimate. Sales for 2015 now projected 3,84 billion u.s. dollars, up from the previous estimate of 3.78 billion u.s. dollars.
Other companies that reported their financial reports, including the Comcast shares were down 3.2 percent, Eli Lilly was down 0.4 percent, McDonald's was down 0.5 percent, Kimberly-Clark was down 0.5 percent and United Airlines 0.7 percent.
Cigna health insurance climbed 2.2 percent backed a report that the company is nearing a deal to acquired by rival Anthem for about 48 billion u.s. dollars. Anthem increased 0.1 percent.
Bank of America was down 1.5 percent after replacing the Finance Director Bruce Thompson human resources Executive with Andrea Smith.
