Stocks Slide After Yesterday's Gains
Yesterday the Dow Jones industrials shot up above the 9000 mark for the first time since January.
But this morning, investors are slowing down, as tech giants posted disappointing earnings.
Microsoft said sales dropped 17 percent to $13.1 billion in the last quarter. The company's stock slid 9.8 percent, to $23.03.
Amazon reported that its net income fell to $142 million, or 32 cents a share, from $158 million, or 37 cents a year earlier. Amazon shares eroded 8.26 percent, to $86.13
In the 45 minutes of trading, the Standard & Poor's 500-stock index dropped 0.82 percent, to 968.29. The Dow Jones industrial average fell 49.66 points, or 0.55 percent, to 9019.63. The Nasdaq composite index lost 33.81 points, or 1.66 percent.
--Kendra Marr
By
Terri Rupar
|
July 24, 2009; 10:29 AM ET
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Posted by: Dermitt | July 24, 2009 10:39 AM | Report abuse
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Blue Eagle loves WPO. Better get on it fast guys. Get while the getting is good. Could hit 700 soon. Maybe higher, certainly faster and get some for the kids. They'll thank you later.