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Weak earnings drag stocks lower on Wall Street

August 7, 2013

NEW YORK (AP) — Stocks are closing lower on Wall Street after several companies reported weak earnings.

It was the first three-day losing streak for the market since June.

The Dow Jones industrial average fell 48 points, or 0.3 percent, to 15,470 points Wednesday.

The Standard & Poor’s 500 index fell six points, or 0.4 percent, to 1,690. The Nasdaq composite fell 11 points, or 0.3 percent, to 3,654.

Ralph Lauren, Marathon Oil, First Solar and Zillow all fell after reporting earnings or issuing profit forecasts that disappointed investors.

Bank stocks fell after the government accused Bank of America of civil fraud in its dealings with mortgage-backed securities.

Two stocks fell for every one that rose on the New York Stock Exchange. Volume was lighter than average at 3 billion shares.

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