U.S. Stocks Fall on Earnings as Investors Weigh Data
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U.S. stocks fell, trimming the best January rally for the Dow Jones Industrial Average since 1994, on disappointing earnings as investors weighed economic data ahead of tomorrow’s jobs report.
United Parcel Service Inc. fell 2.4 percent after it forecast profit that trailed estimates as a weak global economy weighs on demand for package shipments. Dow Chemical Co. slid 7 percent after earnings missed forecasts as sales fell in Europe. ConocoPhillips slipped 5.1 percent after saying oil and natural gas production will hit a low point this year. Qualcomm Inc. and JDS Uniphase Corp. rallied 3.9 percent and 17 percent, respectively, amid better-than-anticipated earnings.