US stocks down ahead of tests
July 20th, 2010 | by Velma Orr |NEW YORK – US STOCKS are falling modestly as investors sorted through the latest batch of earnings and prepared for results from the European bank stress tests.
The latest round on Friday were more mixed than a day earlier when strong profit reports sent stocks sharply higher.
Microsoft, American Express and Ford all reported upbeat earnings, but Amazon and Kimberly-Clark disappointed.
The European bank stress test results could remove some uncertainty about how mounting government debt in many European countries could affect the continent’s financial sector.
In late morning trading, the Dow Jones industrial average rose 26.11, or 0.3 per cent, to 10,347.27. The Standard & Poor?s 500 index rose 1.53 or 0.1 per cent, to 1,095.20, while the Nasdaq composite index fell 0.07, or less than 0.1 per cent, to 2,245.82. — AP
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