Wall Street retreated again in early trading Wednesday, as investors worried about corporate earnings and global economic slowdown.
Wachovia, which is being bought by Wells Fargo & Co., reported its third straight quarterly loss of 23.9 billion U.S. dollars due to crumbling mortgage markets and write downs on securities backed by real estate.
Boeing Co. reported profit fell 38 percent after a strike by machinists halted aircraft deliveries.
Merck & Co., the third-largest U.S. drug maker, said its quarterly profit fell 28 percent and that it would cut more than 10 percent of its work force.
Meanwhile, the global sell off stemming from fear of possible global recession and strong U.S. dollar weighed on commodity stocks.
In other corporate news, AT&T Inc., the largest U.S. phone company, posted a 5.5 percent gain in third-quarter profit because of strong sales of iPhones.
Apple Inc. posted soaring iPhone sales lifted profit and Chief Executive Officer Steve Jobs said customers will stay loyal in a recession.
The Dow Jones fell 279.49 to 8,754.17. Broader indexes also turned lower. The Standard & Poor's 500 index slid 29.73 to 925.32;and the Nasdaq slipped 30.11 to 1,666.57.
Source: Xinhua
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