Stocks Slump Despite Earnings

By Kevin Spak,  Newser Staff
Posted Apr 20, 2009 8:50 AM CDT
Stocks Slump Despite Earnings
Traders work on the floor of the New York Stock Exchange in New York, Wednesday, April 8, 2009.   (AP Photo/Seth Wenig)

Stocks plummeted this morning, despite what’s been a generally positive earnings season so far, the Wall Street Journal reports. The Dow sunk 178 points, while the S&P and Nasdaq were both off 2.4%. That’s in the wake of a better-than-expected quarter from Bank of America, which saw shares slide 11%, and a 23% earnings jump from Eli Lilly, which also saw shares dip. So far, 62% of the S&P 500 companies that have reported have beat estimates. (Read more stock market stories.)

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