Poor earnings, outlook hit US stocks another week
NEW YORK (AFP) - More reports of falling earnings and slashed forecasts sent United States (US) stocks lower for another week, with uncertainty over the Nov 6 election and what will follow, policy-wise, increasingly holding investors' sway.
Company after company cited slow growth in China, the eurozone crisis and uncertainty over US policy, particularly the "fiscal cliff", as they reported slowing sales and tighter margins.
While the news was not all bad - a mix of companies like Comcast, Facebook, Yahoo!, and Boeing all did well - the general picture was glum.
Even companies like Caterpillar, which beat analyst expectations on profits, fell short on revenues and warned of tougher conditions in the coming year.