Wall Street traded lower Tuesday, as many big names reported gloomy earnings that missed estimates.
DuPont Co., the third-biggest U.S. chemical maker, declined after the company said its third-quarter profit fell 30 percent as demand declined and it cut its forecast.
Caterpillar Inc., the world's largest maker of bulldozers and excavators, said its third-quarter profit fell 6.4 percent, missing analysts' estimates due to rise in costs.
Texas Instruments Inc., the second-largest U.S. semiconductor maker, predicted a drop in sales. And SanDisk Corp., the biggest maker of memory cards for digital cameras, posted a second straight loss.
Freeport-McMoRan Copper & Gold Inc., the largest publicly traded copper producer, retreated more than 7 percent as earnings were hurt by declining demand for raw materials.
3M Co. and American Express rallied in morning trading, after reporting earnings topped analyst estimates. But stock of American Express is still at 10-year low.
Gloomy earnings reports overshadowed another retreat in money market rates. The London Interbank Offered Rate, or Libor, dropped to the lowest levels in over a month Tuesday. The rate on three-month loans in dollars declined for the 7th straight day to 3.83 percent from 4.06 percent.
The Dow Jones fell 97.89 to 9,168.26. Broader indexes also turned lower. The Standard & Poor's 500 index slid 13.27 to 972.13and the Nasdaq slipped 28.05 to 1,741.98.
Source: Xinhua
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