Dow Drops 67, Sinks Below 10,000, on IBM, BoA Reports

Dour day cuts into weekly gains
By Nick McMaster,  Newser Staff
Posted Oct 16, 2009 3:16 PM CDT
Trader Joseph Marando, foreground, works on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
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(Newser) – Stocks fell today as optimism about economic recovery waned in the face of disappointing earnings. Bank of American and General Electric’s financing division both posted quarterly losses. IBM, which reported strong profits but spooked investors with downbeat comments on the readiness of businesses to spend on technology, fell 5.2%, weighing down the price-weighted Dow. The Dow fell 67.03 points to close at 9,995.91. The Nasdaq lost 16.49, settling at 2,156.80, and the S&P 500 fell 8.88 to close at 1,087.68, the Wall Street Journal reports.

  • Today's drop didn't wipe out the week's progress: The Dow gained 1.3% over the week, the Nasdaq added 0.8%, and the S&P 500 added 1.5%.