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Wall Street falls for third day as earnings disappoint

US stocks fell for the third straight day today after disappointing corporate results and forecasts added to concerns about the US profit outlook.

The Dow Jones industrial average fell back into the red for the year, with 3M, American Express and Caterpillar contributing the most to the average's fall.

The Dow Jones transportation average was off 2.1 percent, with only one of its 20 components ending in the black. Union Pacific, down 5.7 percent at $92.12 after posting a lower quarterly profit, led the decline in transportation shares and was among the S&P 500's biggest drags.

The Dow Jones industrial average fell 119.09 points, or 0.67 percent, to 17,731.95, the S&P 500 lost 12 points, or 0.57 percent, to 2,102.15 and the Nasdaq Composite dropped 25.36 points, or 0.49 percent, to 5,146.41.

After the bell, however, Nasdaq 100 e-mini futures turned positive following results from Amazon, whose shares jumped 15 percent in extended trading.

During the regular session, all of the 10 major S&P 500 sectors were lower with the utilities index leading the decline with a 1.5 percent fall along with the materials index, also down 1.5 percent.

Dow Chemical's 5.2 percent drop to $47.45 weighed the most on the sector. Dow Chemical warned of soft demand in China after posting stronger-than-expected results.

European equities slipped to a one-week low, with disappointing updates from companies including Aberdeen Asset Management and British energy supplier SSE pressuring their shares.

US data showing new applications for unemployment benefits last week fell to the lowest level in more than 41 years also weighed on sentiment as these numbers further strengthened the case for a US interest rate hike, analysts said.

The FTSEurofirst 300 index of top European shares closed 0.5 percent lower at 1,578.65 points after falling to its lowest level in more than a week. This extended the index's fall on Wednesday, when tech stocks dragged down the market after Apple's revenue forecast fell short of estimates.

Aberdeen Asset Management was the biggest decliner in the FTSEurofirst 300 index after the fund manager said it saw net outflows of 9.9 billion pounds ($15.5 billion) in the April-June quarter as institutional investors cut exposure to Asia and emerging markets equities.

In Asia, Japanese shares rose driven by domestic earnings optimism. Strong performances in retail, rail and hospitality sectors followed Wednesday's announcement that Japan had a record number of foreign visitors in the first half of the year.

The Nikkei share average ended 0.4 percent higher at 20,683.95. The broader Topix climbed 0.6 percent to 1,664.88, and the JPX-Nikkei Index 400 rose 0.6 percent to 15,019.88.

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Tags:  US  stock market  Europe  Nikkei  





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