US shares tumbled on weak quarterly results

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Source: Dukascopy Bank SA
© Scanpix/AFP
US stocks traded sharply lower on Friday amid disappointing US economic releases and lack of progress in eurozone's crisis resolution after EU summit. Weak corporate earnings and larger-than-expected increase in US jobless claims last week created heavy selling pressure on the US equities. The S&P 500 Index plunged 1.66% to end the week at 1,433.19. All sectors included in the index slumped. Among companies, the top-gainer was Capital One Financial. The firm soared 6.02% as profits jumped 47% last quarter. The top-losers were technology firms and basic material producers. Advanced Micro Devices sank 16.79% after the company reported that its sales of chips dropped in Q3 as buyers shifted from personal computers to tablets and smartphones. Among basic materials, Cliffs Natural Resources, Eastman Chemical and FMC Corp tumbled 2.93%, 3.39% and 1.47%, respectively. On the downside was also Chipotle Mexican Grill, losing 15.01% on reports that turnover's growth would slow sharply in 2013. 
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Mon, 22 Oct 2012 08:47:36 GMT

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