Stocks open lower as latest earnings disappoint

AP News
Posted: Jan 23, 2014 9:43 AM

NEW YORK (AP) — Stocks are sharply lower in early trading after several companies reported disappointing results and as signs emerged that manufacturing in China was set to contract.

The Dow Jones industrial average fell 156 points, or 0.9 percent, to 16,225 in the first few minutes of trading Thursday.

The Standard & Poor's 500 index fell 13 points, or 0.7 percent, to 1,831. The Nasdaq composite lost 26 points, or 0.6 percent, to 4,216.

A preliminary reading of HSBC's purchasing managers' index for China dipped this month to the lowest level since July. Asian markets ended broadly lower.

In the U.S., several companies were lower after reporting quarterly results, including KeyCorp, Johnson Controls and Jacobs Engineering.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.82 percent from 2.87 percent.