28 Jan '11, 10pm

Egypt violence, poor earnings hit US stocks

Egypt violence, poor earnings hit US stocks

NEW YORK: US stocks dropped sharply Friday as Egypt's leaders failed to stem mounting protests and blue chips like Ford, Microsoft and Amazon turned in disappointing results. The Dow Jones Industrial Average fell 166.13 (1.39 per cent) over the day to 11,823.70 by the close, and the broader S&P 500 index pared 23.20 points (1.79 per cent) at 1,276.34. The tech-centric Nasdaq lost 68.39 (2.48 per cent) at 2,686.89. The market was hit by earnings disappointments from technology bellwethers Amazon and Microsoft, and from industrial heavyweight Ford Motor Co. Fourth quarter net earnings from Amazon, the internet retailing giant, rose eight per cent year on year to $416 million on $12.95 billion in revenues. But the company's stock lost 7.2 per cent on signs that its sales margins were shrinking and suggestions the first quarter this year would be tougher. Microsoft shares lost...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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