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October 11, 2008 4:25:58 AM CDT

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Earnings, Subprimes Sink Stocks

Posted Jul 24, 07 3:59 PM CDT in Business 

(Newser) – The Dow slid 226.47—nearly 2%—back to 13716.95 today, after mediocre earnings reports helped deflate a giddy mood and remind traders of persistent woes from the subprime sector. American Express reported lower-than-expected second-quarter earnings dampened by higher marketing costs; DuPont also released disappointing numbers.

The Nasdaq dropped 50.72 to 2639.86, and the S&P closed at 1511.04, down 30.53. A major trader told the Journal that the poor reports accounted for the unusual off day, but confessed that much of the negativity on Wall St. was "just feeding off the whole subprime scenario": lender Countywide sank 11% today after dismal earnings.

Source Wall Street Journal

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Grill in this Jan. 22, 2007 file photo in Baltimore. American Express Co. is expected to release quarterly earnings on Monday, July 23, 2007. (AP Photo/Chris Gardner, file)   (Associated Press)
Specialists work at their posts on th floor of the New York Stock Exchange, Tuesday morning, July 24, 2007. Wall Street pulled back sharply in early trading Tuesday following several disappointing earnings...   (Associated Press)
Van Der Moolen specialist Michael McDonnell, center, works at his post on th floor of the New York Stock Exchange, Tuesday morning, July 24, 2007. Wall Street pulled back sharply in early trading Tuesday...   (Associated Press)
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Dow Jones  • S&P 500  • Nasdaq  • American Express  • DuPont


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