October 27, 2012

Weak earnings reports weigh on the stock market

Stocks are falling in midday trading on Wall Street after investors looked over weak corporate earnings and weak economic growth.

The Dow Jones industrial average fell 27 points to 13,076 at noon Friday.

The Standard & Poor's 500 index fell five points to 1,408 and the Nasdaq composite fell 10 points to 2,976.

The market started higher after the Commerce Department estimated that the U.S. economy expanded at a 2 percent annual rate from July through September. That was better than the previous quarter but not strong enough to bring down the unemployment rate.

Apple fell 2 percent after the company said its profit would decline this holiday season. Goodyear Tire & Rubber sank 8.5 percent after a steep drop in European sales delivered a blow to its earnings.


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