News Summary-US stocks fall for 3rd straight day

AP News
Posted: Jul 24, 2012 5:56 PM
News Summary-US stocks fall for 3rd straight day

TRIPLE-DIGITS, AGAIN: The Dow Jones industrial average closed at 12,617, down 104 points, the third day in a row of triple-digit losses. The last time that happened was September, when fears were rife that the U.S. was on the brink of another recession.

PROFIT PROBLEMS: Investors sold on disappointing earnings reports from big U.S. companies like United Parcel Service. The world's biggest package delivery company dropped 5 percent after cutting its earnings forecast for the all of 2012. Another loser, DuPont, reported income and revenue that was lower than analysts expected.

FALLEN APPLE: Not even Apple was spared. After the market closed, the stock market star reported earnings that badly missed analysts' expectations, sending the stock 5 percent lower in extended trading. The stock fell $29.76 to $571.19.