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Stocks Slide on Earnings Angst

By Jonas Oransky,  Newser Staff

Posted Oct 10, 2007 4:06 PM CDT
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(Newser) – The Dow had its biggest fall in a month today, as investors showed anxiety over third-quarter earnings. The key index dropped 85.84 points from yesterday's record high to 14,078.69, after aluminum maker Alcoa announced a sales slippage of 3.2%. Boeing contributed to the bearish day with a 2.7% loss, Bloomberg reports, after it pushed back delivery of its much-delayed 787 Dreamliner for 6 more months.

The Nasdaq gained 7.70 to close at 2,811.61 while the S&P dropped 2.68 to 1,562.47. A Bloomberg survey predicts a slowdown in profit growth in the S&P companies for the third quarter. And if the economy is losing momentum, it's likely to get worse in the months ahead. As one strategist predicted, “The fourth quarter should be the one where we really start to see some pressure.”

A trio plays on the steps of Federal Hall under a statue of George Washington, across from the New York Stock Exchange, Wednesday morning Oct. 10, 2007, as part of the promotion for the grand opening of the Tiffany & Co. store on Wall Street. (AP Photo/Richard Drew)
A trio plays on the steps of Federal Hall under a statue of George Washington, across from the New York Stock Exchange, Wednesday morning Oct. 10, 2007, as part of the promotion for the grand opening...   (Associated Press)
Jeffrey Barth works on the wing of a Boeing 767 being prepped for sealing in this Aug. 6 2007 file photo, in Everett, Wash, before a rally on the line later in the day. Orders to U.S. factories fell in August by the largest amount in seven months, reflecting...
Jeffrey Barth works on the wing of a Boeing 767 being prepped for sealing in this Aug. 6 2007 file photo, in Everett, Wash, before a rally on the line later in the day. Orders to U.S. factories fell in...   (Associated Press)
Specialist Andrew Smith, right, interacts with traders at the post that handles Alcoa on the floor of the New York Stock Exchange, Wednesday morning, Oct. 10, 2007. Alcoa Inc. ushered in earnings season by reporting a 3 percent profit rise despite slumping revenue, as the aluminum producer's sale of a...
Specialist Andrew Smith, right, interacts with traders at the post that handles Alcoa on the floor of the New York Stock Exchange, Wednesday morning, Oct. 10, 2007. Alcoa Inc. ushered in earnings season...   (Associated Press)
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