Weak outlooks from 3M, DuPont sink stock market

AP News
Posted: Oct 23, 2012 9:37 AM
Weak outlooks from 3M, DuPont sink stock market

Stocks are falling sharply at the opening of trading on Wall Street after 3M and DuPont slashed their earnings forecasts.

The Dow Jones industrial average sank 162 points to 13,183 in the first few minutes of trading Tuesday.

Both DuPont and 3M are in the Dow average. DuPont was off 7 percent in early trading, and 3M fell 3 percent.

The weak showings from the two major industrial companies were the latest pieces of bad news from the third quarter earnings season. Companies in the Standard & Poor's 500 index are expected to report lower earnings for the first time in three years.

The S&P 500 was off 17 points at 1,417 and the Nasdaq composite fell 33 points to 2,983.

European markets also fell.