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Thursday, October 22, 2020
Banking Dow falls again as industrial stocks sink

Dow falls again as industrial stocks sink

Other News

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NEW YORK (AP) — Stocks closed broadly lower on Wall Street Thursday after erasing part of an earlier plunge.

Industrial companies sustained some of the biggest losses  after several of them reported dismal results.

Aircraft maker Textron dropped 11.3 percent after reporting results that came in well short of forecasts. Snap-On sank 9.6 percent.

Market favorites like Netflix and Amazon also fell sharply. Netflix fell 4.9 percent and Amazon pulled back 3.3 percent.

European markets also fell as European leaders criticized Italy’s spending plans.

The S&P 500 fell 40 points, or 1.4 percent, to 2,768.

The Dow Jones Industrial Average lost 327 points, or 1.3 percent, to 25,379. The Nasdaq gave up 157 points, or 2.1 percent, to 7,485.

The yield on the 10-year Treasury spiked earlier but eased back to 3.18 percent.

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