Stocks open lower as Wachovia, others disappoint
Posted By ap 2 months, 2 weeks ago in Business & FinanceNEW YORK (AP) _ Wall Street is down in early trading after disappointing quarterly results from Wachovia Corp. and other blue chips rattled investors worried about the impact of the ongoing credit crisis.
Wachovia, the nation's fourth-largest bank, reported an $8.86 billion loss because of charges and reserves for bad mortgage loans. The report is especially sobering for investors who last week sent stocks soaring on better-than-estimated results from other major financial companies.
Investors also reacted to disappointing results from American Express Co., Apple Inc., and Texas Instruments Inc.
The Dow Jones industrials fell 66 points to the 11,400 level.
___
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
Submitted By:
ap
By now you're probably trying to figure out the identity behind those cryptic initials. Alan Parsons? Alexia Prichard? No, they stand for Associated Press ...
Also submitted:
Related Articles:
Got a Story?
Add a Comment
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.