Stocks drop before Fed news as outlooks from Boeing, AT&T disappoint; Emerging-market worries
NEW YORK, N.Y. – Stocks are lower as investors react to disappointing company earnings and wait for news from the Federal Reserve.
Worries about emerging markets returned after efforts by Turkey and South Africa to shore up their currencies failed.
The Dow Jones industrial average fell 89 points, or 0.6 per cent, to 15,839 as of noon Eastern time Wednesday.
The Standard & Poor’s 500 index lost eight points, or 0.4 per cent, to 1,784. The Nasdaq composite fell 11 points, or 0.37 per cent, to 4,086.
Yahoo fell 7 per cent after the company reported a drop in fourth-quarter revenue late Tuesday, highlighting its trouble in bringing in online advertising dollars.
Boeing fell 5 per cent after the plane maker said 2014 revenue and profit would be lower than analysts have been expecting.
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