Wall Street continued to fall for a second session Tuesday, as big names in many industries posted worse-than-expected earnings.
Heavy equipment maker Caterpillar Inc. posted better-than-expected earnings but reduced its forecast. Caterpillar fell 5.4 percent.
DuPont, the chemical company, said its first-quarter profit dropped and cut its full-year forecast. The stock slipped three percent.
In addition, drug maker Merck & Co. posted a 57 percent drop in first-quarter profit, falling short of expectations. The stocks tumbled 7.6 percent.
Coca-Cola Co., the world's largest beverage maker, said Tuesday that its first-quarter profit fell 10 percent, meeting analysts' estimates.
Bank of New York Mellon Corp. said its first-quarter earnings fell 57 percent, a bigger decline than analysts' estimates. The company said it was slashing its dividend to shore up capital. Its shares fell 12 percent in early trading.
Moreover, Treasury Secretary Timothy Geithner is scheduled to testify before the Congressional Oversight Panel for the government's 700 billion U.S. financial rescue program due at 10 a.m. EDT.
The Dow Jones dipped 443.97 to 7,797.76. Broader indexes also lost ground. The Standard & Poor's 500 index slipped 5.39 to 827.00; and the Nasdaq dipped 7.71 to 1,600.50.
Source: Xinhua
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