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September 6, 2008 2:02:57 AM CDT

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Stocks Fall on Dismal Earnings

Posted Apr 8, 08 3:38 PM CDT in Business 

(Newser) – Stocks fell today as the first-quarter earnings report season began with dismal results and a grim new report confirmed that the housing slump hasn't bottomed out, Bloomberg reports. Washington Mutual, freshly bailed out by TPG, led financials lower after it slashed its dividend 93%. The Dow fell 35.99 to close at 12,576.44, the Nasdaq 16.07 to 2,348.76, and the S&P 500 7.00 to 1,365.54.

Poor reports fueled declines across the board: aluminum giant Alcoa’s earnings fell 54% in Q1, while chip maker AMD reported disappointing revenue and said it would shed 10% of its labor force. Lennar led price drops for all 15 of the S&P’s homebuilders. Investors remain cautious as they await more earnings reports and try to map the outlook for the rest of the year.

Sources: Wall Street Journal, MarketWatch, Bloomberg

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Alcoa Warrick Operations employee Fred Westbrook inspects the finished rolls of aluminum in a file photo from April 7, 2006 at the Alcoa Warrick Operations in Newburgh, Ind.   (AP Photo/ Daniel R. Patmore, File)
A closure notice hangs in the window of a Washington Mutual branch Tuesday, April 8, 2008, in Salt Lake City.   (AP Photo/Douglas C. Pizac)
Traders work on the floor of the New York Stock Exchange in this undated file photo.   ((Chris Hondros/Getty Images))
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S&P 500  • Nasdaq  • Dow Jones Industrial Average  • stocks  • New York Stock Exchange  • AMD  • Alcoa  • WaMu  • Lennar Corp.


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