Wall Street tumbles after GE reports weak results
2008-04-11 08:49:13 Xinhua English
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NEW YORK, April 11 (Xinhua) -- Wall Street plummeted in early trading Friday after General Electric reported disappointing financial results.
GE said the net income dropped to 4.3 billion U.S. dollars for the recent quarter, missing the expectations. The company also lowered outlook for the entire year. The results triggered more fears that hundreds of companies still to report first-quarter results will come in below expectations.
GE is the second Dow component to report full quarterly financial results so far this earnings season after Alcoa.
The Dow Jones fell 124.09 to 12,457.89. Broader indexes also declined. The Standard & Poor's 500 index dipped 14.31 to 1,346.24;and the Nasdaq fell 24.14 to 2,327.56.
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