Thu, August 12, 2010
Business > Markets

US stocks fall after Cisco earnings, jobless data

2010-08-12 16:05:48 GMT2010-08-13 00:05:48 (Beijing Time)

Stocks are down for a third day on more disappointing earnings and economic news.

Trading is quieter Thursday than a day ago, when the Dow Jones industrial average fell 265 points. But investors are still showing concern about the economy.

Stocks fell after the Labor Department reported that the number of people filing for unemployment benefits for the first time rose last week. Economists expected the number to drop.

The latest earnings reports are adding to the market's dark mood. Cisco Systems Inc.'s revenue from its latest quarter and its forecast for future revenue fell short of analysts' expectations. Sara Lee Corp.'s revenue also missed forecasts.

The Dow is down 43, or 0.4 percent, at 10,335. The Standard & Poor's 500 index is down 5, or 0.5 percent, at 1,084. And the Nasdaq composite index is down 15, or 0.7 percent, at 2,193.


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