A stock rally falters as US earnings disappoint
Apr. 23, 2014
NEW YORK (AP) — The stock market is closing slightly lower as several U.S. companies report disappointing earnings.
The decline broke a six-day winning streak.
Intuitive Surgical dropped 12 percent. The company sold only half has many surgical robots in the last quarter as it did a year ago.
Avery Dennison, Amgen and Norfolk Southern also fell after reporting their results.
Not all the earnings news was bad. Delta Air Lines rose 6 percent after its first-quarter earnings climbed.
The Standard & Poor's 500 index fell four points, or 0.2 percent, to close at 1,875 Wednesday.
The Dow Jones industrial average lost 12 points, or 0.1 percent, to 16,501. The Nasdaq composite fell 34 points, or 0.8 percent, to 4,126.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 percent.