Stocks Start Out Strong, Then Fade

Dow falls 90 points on the day
By Newser Editors and Wire Services
Posted Oct 20, 2022 3:24 PM CDT
Stocks Start Out Strong, Then Fade
A street light brightens a Wall Street sign outside the New York Stock Exchange in this file photo.   (AP Photo/Bebeto Matthews)

Stocks gave up early gains and closed lower Thursday on Wall Street as markets continue an unsteady search for direction, per the AP. The Dow fell 90 points, or 0.3%, to 30,333; the S&P 500 fell 29 points, or 0.8%, to 3,665; and the Nasdaq fell 65 points, or 0.6%, to 10,614. Earnings have been the big focus for Wall Street all week as investors try to get a better picture of how companies are faring in turbulent times. The results have been mixed so far. Several big companies released encouraging financial results, while others have disappointed investors with weak or worrisome warnings.

IBM rose 5% after its third-quarter earnings and revenue topped analysts' forecasts, while AT&T jumped 7.6% after also reporting strong results. Tesla fell 7.1% after saying it will miss its target for vehicle deliveries this year. Railroad Union Pacific dropped 6.2% after predicting slower growth, suggesting that the economy may be slowing down. American Airlines fell 3.5% after reporting its latest results, and Allstate slumped 12.4% after giving investors a disappointing financial update. So far, the benchmark S&5 is still holding on to a weekly gain.

(More stock market stories.)

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