US stocks slide on worries over earnings, China

AP News
Posted: Jan 23, 2014 12:42 PM

NEW YORK (AP) — U.S. stocks are falling broadly after earnings and forecasts from several companies disappointed investors.

Investors also worried about a slowdown in China, a major driver of global growth, after a survey suggested the country's factory sector was contracting.

The Dow Jones industrial average fell 180 points, or 1.1 percent, to 16,197 as of 12:40 p.m. Eastern time Thursday.

The Standard & Poor's 500 index fell 17 points, or 0.9 percent, to 1,827. The Nasdaq composite lost 38 points, or 0.9 percent, to 4,204.

Several companies were lower after reporting quarterly results, including KeyCorp, Johnson Controls and Jacobs Engineering. United Continental fell after issuing a disappointing revenue forecast.

Asian markets ended broadly lower after a preliminary reading of HSBC's purchasing managers' index for China fell to the lowest level since July.