NEW YORK —
Stocks are sliding following weak earnings from United Parcel Service and other major U.S. companies. The market was headed for its third loss in a row.
The Dow Jones industrial average dropped 119 points to 12,603 at midday Tuesday. The Standard & Poor’s 500 fell 12 points to 1,339. The Nasdaq dropped 16 points, to 2,874.
UPS fell $3.78, or nearly 5 percent, to $74.17 after cutting its earnings forecast 4 percent for the year because of the global economic slowdown. Chemical maker DuPont posted a 3 percent decline in net income. Its stock lost 45 cents, or 0.5 percent, to $48.26.
A report from the Federal Reserve Bank of Richmond indicated that manufacturing in the central-Atlantic region is contracting. That followed reports of pullbacks in New York and Philadelphia.
National News
July 24, 2012
US stocks falling for 3rd day on lower earnings
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GOP questions IRS scrutiny of anti-abortion groups
When a small anti-abortion group in Iowa sought nonprofit status, the Internal Revenue Service asked its board to promise not to organize protests outside Planned Parenthood and demanded to know how its prayer meetings and protest signs were educational.
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