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Stocks Slide on Grim Earnings

By Kevin Spak,  Newser Staff

Posted Apr 22, 2009 8:43 AM CDT

(Newser) – Stocks headed lower at the open today, thanks to another round of dour corporate earnings. The Dow fell 44 points, while the S&P and Nasdaq dropped 0.9% and 0.8% respectively. Morgan Stanley tumbled more than 8%, after reporting a quarterly loss, and slashing its dividend. Wells Fargo, on the other hand, reported a 52% income jump, but its shares were still off 2%. In a bad sign for consumer credit, Capital One reported a loss, sending shares down 8%.

A pair of Barclays Capital specialists work on the floor of the New York Stock Exchange Tuesday, April 21, 2009.
A pair of Barclays Capital specialists work on the floor of the New York Stock Exchange Tuesday, April 21, 2009.   (AP Photo/Richard Drew)
Trader Edward Landi, left, works on the floor of the New York Stock Exchange Tuesday, April 21, 2009.
Trader Edward Landi, left, works on the floor of the New York Stock Exchange Tuesday, April 21, 2009.   (AP Photo/Richard Drew)
Trader Christopher Dalton, Sr., center left, works on the floor of the New York Stock Exchange Tuesday, April 21, 2009.
Trader Christopher Dalton, Sr., center left, works on the floor of the New York Stock Exchange Tuesday, April 21, 2009.   (AP Photo/Richard Drew)
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