Dow Sheds More Than 100 Points as Market Finishes Lower
The U.S. equity market finished lower as the Dow Jones shed 165.07 points. The Dow Jones ended the day 1.48% lower at 10,978.62, the S&P 500 ended the day 1.59% lower at 1,165.90 and the Nasdaq ended the day 1.76% lower at 2,436.95.
Apple Inc. (NASDAQ: AAPL) shares fell in trading today, after the company forecast weaker-than-expected profit for the current quarter. The technology company also reported lower-than-anticipated iPad sales for the fourth quarter. Shares of Apple ended the day 2.67% lower at $309.50, touching an intra-day low of $300.02.
Shares of International Business Machines Corp. (NYSE: IBM) also fell today, after the company reported its third-quarter financial results after market close on Monday. Shares of IBM ended the day 3.59% lower at $137.70, touching an intra-day low of $136.70.
Bank of America Corporation (NYSE: BAC) and Goldman Sachs (NYSE: GS) also reported their third-quarter financial results today. Shares of Bank of America Corporation ended the day 4.74% lower at $11.76, touching a 52-week low of $11.71. Meanwhile, shares of Goldman Sachs ended the day 2.42% higher at $157.42 as it beat third-quarter earnings estimate, despite a 40% decline over the previous year.
Crude oil tumbled in trading today on fears of lower demand as China raised its benchmark interest rates to cool down the economy. The strengthening of the U.S dollar also resulted in a drop in crude oil prices. Crude oil for delivery in November dropped 4.3% to $79.49 a barrel on the New York Mercantile Exchange.
