Dow off 128 after weak reports from Alcoa, Chevron
NEW YORK (AP) — The Dow Jones industrial average is finishing sharply lower after downbeat reports from two stocks in the average, Alcoa and Chevron.
Alcoa, the aluminum company, beat Wall Street earnings estimates on Tuesday night but cut its demand expectation for the year, mostly because of a slowdown in China. Chevron says slumping oil prices and production will hurt its earnings.
The Dow ends the day down 128 points at 13,344. Other indexes were down less on a percentage basis. The Standard & Poor's 500 index dropped eight points to 1,432. The Nasdaq composite index was off 13 to 3,051.
Declining stocks outnumbered advancers by about 2-to-1. Early figures show trading volume was about average, 3.2 billion shares.