New York, October 11 (FinanceEnquiry.com) – Earnings season started and being pondered down by disheartening news from Chevron Corporation ((NYSE: CVX) and Alcoa, Inc (NYSE: AA), on October 10, the S&P 500 declined for the fourth day.
Furthermore, as soon as Alcoa reported a quarterly loss, it plunged by 4.6 percent to $8.71 and moreover this, when Chevron informed that proceeds of third quarter would be “lower to a large extent ” as compared to the earlier quarter, its shares shed to $112.45 by 4.2 percent.
In order to close at 13,344.97, the Dow Jones industrial average skidded by 128.56 points, or 0.95 percent. Reaching to 1,432.56, the S&P 500 descended by 8.92 points, or 0.62 percent and so to close at 3,051.78, the NASDAQ Composite dropped by 13.24 points, or 0.43 percent.
Profits in Wal-Mart Stores Inc (NYSE: WMT), which struck an record high and FedEx Corporation (NYSE: FDX), which reported its leading daily progress in 2012 have partly offset the slumps in the Dow and the S&P 500.
By touching its biggest daily percentage jump in 2012, FedEx Corporation increased to $89.99 by 5.2 percent. The parent company of KFC, Taco Bell and further fast-food restaurant chains lifted prediction of full-year profit, due to this, shares of Yum! Brands, Inc (NYSE: YUM) soared to $70.99 by 8 percent.
Being up 1.9 percent, shares of Costco Wholesale Corporation (NASDAQ: COST), a chain of warehouse, ended at $101.56. Besides, a record high at $104.43 was also struck when a jump in quarterly proceeds was posted by COST.
Shares of Cummins Inc (NYSE: CMI), a manufacturer of engine, plunged to $87.79 by 3.4 percent. In addition, it also reduced prediction of this year for twice in 2012.
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