Skip to comments.Dow Falls 200 on Earnings; DuPont Skids 8%
Posted on 10/23/2012 7:30:35 AM PDT by Qbert
Stocks dropped more than 1 percent across the board at the open Tuesday following a batch of disappointing quarterly results from large multinational companies and amid worries over Spain's economy.
MAJOR U.S. INDEXES
.DJIA 13157.63 -188.26-1.41%
The Dow Jones Industrial Average dropped sharply at the open, after squeezing out a two-point gain in the previous session. All 30 Dow components opened in negative territory, led by DuPont.
The S&P 500 and the Nasdaq also tumbled at the open. The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 18.
All 10 key S&P sectors also slid at the open, led by materials and energy.
DuPont [DD 45.87 -3.89 (-7.82%) ] slumped sharply after the chemical company reported a profit that fell short of expectations and announced 1,500 layoffs in an aggressive cost-cutting move.
(Excerpt) Read more at cnbc.com ...
...Worst Earnings Guidance In Over Five Years:
-220 right now. The final nail in Obama’s coffin.
"-220 right now. The final nail in Obamas coffin."
Close to -250 now.
Only question left is...when does the Plunge Protection Team spring into action?
Ordinarily the chemicals sector is one of the leading sectors in a recovery. Looks like no joy on wall street for awhile yet.
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