US stocks drop amid mixed earnings
New York: US stocks fell Tuesday amid a rash of company earnings reports and government figures that pointed to a still-struggling housing market.
Earnings were mixed at some of the country`s biggest firms. Shares of computer giant Apple and industrial firm Caterpillar gained on better than expected profits for the third quarter. Coca-Cola and Dupont`s stock prices fell on disappointing revenue.
More than 100 companies were set to report their third-quarter earnings this week.
The commerce department reported that the rate of new home construction climbed just 0.5 percent in September, which was lower than the pace in August. Home-improvement retailer Home Depot and other housing-related companies lost shares.
The blue-chip Dow Jones Industrial Average lost 50.71 points, or 0.5 percent, to close at 10,041.48. The broader Standard and Poor`s 500 Index fell 6.85 points, or 0.62 percent, to 1,091.06. The technology-heavy Nasdaq Composite Index declined 12.85 points, or 0.59 percent, to 2,163.47.
The US currency was virtually unchanged against the euro at 66.94 euro cents, compared to 66.92 euro cents Monday. The dollar edged up against the Japanese currency to 90.73 yen from 90.64 yen.
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