Alexa

Stocks drop on weak consumer sentiment, bank earns

Stocks drop on weak consumer sentiment, bank earns

Investors are finding disappointment everywhere and taking out their frustration on stocks.
Stocks have closed sharply lower Friday after banks' second-quarter earnings fell short of expectations and a new survey found that consumers are becoming more pessimistic. Google Inc.'s earnings, which didn't meet analysts' forecasts, added to investors' gloom.
Analysts say the market's recent seven-day rally has made it vulnerable to a big drop.
All the major indexes fell more than 2.5 percent. According to preliminary calculations, the Dow Jones industrial average fell 261 to 10,097. The Standard & Poor's 500 index dropped 31 to 1,064 and the Nasdaq composite index slid 70 to 2,179.
Losing stocks were ahead of gainers by 4 to 1 on the New York Stock Exchange, where volume came to 1.5 billion shares.


Updated : 2021-04-12 10:21 GMT+08:00