Weak earnings drag stocks lower on Wall Street

AP News
Posted: Aug 07, 2013 12:02 PM
Weak earnings drag stocks lower on Wall Street

NEW YORK (AP) — Stocks are falling for a third day in a row on Wall Street after several companies reported weak earnings.

Marathon Oil and First Solar dropped after their earnings fell shy of what analysts were expecting. Disney fell after its results were held back by costs related to "The Lone Ranger."

The Dow Jones industrial average fell 79 points, or 0.5 percent, to 15,439 at midday Wednesday.

The Standard & Poor's 500 index fell 10 points, or 0.6 percent, to 1,687. The Nasdaq composite fell 26 points, or 0.7 percent, to 3,639.

Bank stocks fell after the government accused Bank of America of civil fraud in its dealings with mortgage-backed securities.

The yield on the 10-year Treasury note slipped to 2.62 percent from 2.64 percent.