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Stocks Fall Sharply as Weak Earnings Reports Weigh Down Sentiment

Tuesday, October 23, 2012 4:34 PM
Stocks ended sharply lower in trading today, with all three major indexes finishing near session lows. Stocks fell as investors digested some weak corporate earnings reports. Investors’ sentiment was also weighed down by concerns over Spain’s economy. The Dow Jones ended the day 1.82% lower at 13,102.53, the S&P 500 ended the day 1.44% lower at 1,413.11, and the Nasdaq ended the day 0.88% lower at 2,990.46. Energy sector led the losses in the S&P 500 in trading today, ending the day 2.29% lower. Basic Materials sector also fell sharply in trading today. The sector finished 2.03% lower. Conglomerates ended the day 2.08% lower. Financials fell 1.55% in trading today, while Industrials ended 1.05% lower in trading today. Healthcare sector ended the day 1.46% lower. Transportation was the only sector in the S&P 500 to finish the day in green. The sector rose 0.24%. Among the major gainers and losers in trading today were Monster Beverage Corp. (NASDAQ: MNST), which ended the day 10.17% lower at $41.08, Yahoo Inc. (NASDAQ: YHOO), which ended the day 5.71% higher at $16.67, Apple Inc. (NASDAQ: AAPL), which ended the day 3.26% lower at $613.36, ARM Holdings Plc (ADR) (NASDAQ: ARMH), which ended the day 10.92% higher at $31.19, DuPont (NYSE: DD), which ended the day 9.06% lower at $45.25, Coach Inc. (NYSE: COH), which ended the day 7.35% higher at $58.15, and Xerox Corp. (NYSE: XRX), which ended the day 5.12% lower at $6.67. European markets also fell sharply in trading today, with the FTSE 100 Index in London closing 1.44% lower, and the CAC 40 Index in Paris closing 2.20% lower. European markets fell on rising concerns over the Spanish economy. A report released earlier today showed that Spain’s economy contracted in the third quarter.  
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