1/23/2014 10:54 AM
Stocks slide as latest company earnings disappoint
NEW YORK (AP) — Stocks are falling broadly after several U.S. companies issued disappointing earnings and forecasts.
Investors also worried about a slowdown in China after a survey suggested the country's factory sector was contracting.
The Dow Jones industrial average fell 156 points, or 0.9 percent, to 16,225 as of noon Eastern time Thursday.
The Standard & Poor's 500 index fell 17 points, or 0.9 percent, to 1,827. The Nasdaq composite lost 38 points, or 0.9 percent, to 4,204.
Several companies were lower after reporting quarterly results, including KeyCorp, Johnson Controls and Jacobs Engineering. United Continental fell after issuing a disappointing revenue forecast.
Asian markets ended broadly lower after a preliminary reading of HSBC's purchasing managers' index for China fell to the lowest level since July.
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