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1st LD Writethru: U.S. stocks keep falling on weak earnings

Xinhua, July 24, 2015 Adjust font size:

U.S. stocks declined for the third straight session Thursday as investors meditated on a raft of largely lackluster earnings reports.

The Dow Jones Industrial Average fell 119.09 points, or 0.67 percent, to 17,731.95. The S&P 500 lost 12.00 points, or 0.57 percent, to 2,102.15. The Nasdaq Composite Index decreased 25.36 points, or 0.49 percent, to 5,146.41.

Caterpillar announced Thursday profit per share of 1.16 dollars for the second quarter of 2015, a decrease from 1.57 dollars per share in the second quarter of 2014. The company also cut its revenue forecast for the year.

Its shares shed 3.61 percent to 76.88 dollars apiece following the release of weak quarterly results.

American Express Company reported second-quarter net income of 1.47 billion U.S. dollars, down from 1.53 billion dollars a year ago. Its diluted earnings per share decreased 1 percent to 1.42 dollars, from 1.43 dollars a year ago. Its shares tumbled 2.51 percent to 77.01 dollars apiece.

Shares of 3M dropped 3.80 percent to 149.50 dollars apiece Thursday after the company's revenue missed market estimates.

The diversified technology manufacturer reported second-quarter earnings of 2.02 dollars per share, an increase of 5.8 percent versus the second quarter of 2014, while its sales declined 5.5 percent year on year to 7.7 billion dollars.

General Motors reported strong earnings growth for the second quarter, with net income rising to 1.1 billion dollars, or 67 cents a share, from 200 million dollars, or 11 cents a share, a year ago, when it was hurt by a big charge relating to recall costs, while its revenue was well below forecasts, largely because of currency impact. Its shares jumped 3.96 percent to 31.50 dollars apiece.

On the economic front, in the week ending July 18, the advance figure for seasonally adjusted initial claims was 255,000, a decrease of 26,000 from the previously week's unrevised level, according to the U.S. Labor Department. This is the lowest level for initial claims since Nov. 24, 1973 when it was 233,000.

Overseas, the Greek parliament on early Thursday passed a bill on a second batch of reforms in line with an international bailout for Greece's sluggish economy.

The legislation was requested by international lenders in order to finalize the third bailout and avert default and a Greek exit from the eurozone. Endite