A stock rally falters as US earnings disappoint
NEW YORK (AP) — A six-day rally on the stock market is petering out as some U.S. companies report earnings that disappoint investors.
Norfolk Southern, Procter & Gamble and Avery Dennison all fell after reporting their latest quarterly financial results.
Railroad operator Norfolk Southern’s profit slumped as severe winter weather slowed shipments, and Procter & Gamble’s revenue fell short of what investors were looking for.
The Standard & Poor’s 500 index fell three points, or 0.2 percent, to 1,876 in the first few minutes of trading Wednesday.
The Dow Jones industrial average lost 17 points, or 0.1 percent, to 16,496. The Nasdaq composite fell 18 points, or 0.4 percent, to 4,143.
Not all the earnings news was bad. Delta Air Lines rose 5 percent after its first-quarter earnings climbed.