Dow Skids by 26
Xerox takes 13% hit after grim report
By Newser Editors and Wire Services
Posted Apr 25, 2016 3:15 PM CDT
Trader Peter Tuchman works on the floor of the New York Stock Exchange, Wednesday, April 20, 2016.    (AP Photo/Richard Drew)

(Newser) – US stocks are closing lower Monday as investors found little to like in the latest batch of company earnings. Xerox slumped 13% after reporting a plunge in earnings and cutting its profit forecast, and Perrigo, an Irish drug maker, dropped 18% after cutting its own earnings outlook, citing lower prices for its products in Europe. Energy companies fell more than the rest of the market as oil and gas prices turned lower. The Dow Jones industrial average edged down 26 points, or 0.2%, to 17,977. The Standard & Poor's 500 index lost three points, or 0.2%, to 2,087. The Nasdaq composite slipped 10 points, or 0.2%, to 4,895. Bond prices fell. The yield on the 10-year Treasury note rose to 1.91%.

 

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