Wall Street declines on earnings forecasts
US stocks slid on Tuesday as companies cut their earnings forecast as consumers cut spending to cope with the recession, dpa reported.
The blue-chip Dow Jones Industrial Average shed 242.85 points, or 2.7 per cent, to 8,691.33. The broader Standard and Poor's 500 Index lost 21.03 points, or 2.3 per cent, to 888.67, while the technology heavy Nasdaq Composite Index fell 24.40, or 1.6 per cent, to 1,547.34.
The declines came after two days of gains on Wall Street, but stocks were hampered by earnings projections at shipper FedEx and other companies. The second-largest US shipping company's stock fell the most in 21 years after it said profits would be up to a third lower than expected, Bloomberg financial news reported.
The US currency traded at 77.30 euro cents and 92.22 Japanese yen.