Dow companies posted sharp losses on Friday

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Source: Dukascopy Bank SA
© Scanpix/AP
US blue chips posted losses on the 25th anniversary of the 1987 stock market crash. Weak quarterly results and a fall in the US existing home sales created pressure on the US blue chips. Lack of results from two-day EU summit also dampened market sentiment. The Dow Jones Industrial Average Index dropped 1.52% to close at 13,343.51. All sectors included in the index moved lower. Moreover, only Home Depot managed to gain 0.15%; the rest 29 Dow companies posted losses. The worst-performers were basic materials and consumer services. Alcoa and El du Pont de Nemours shed 2.17% and 2.14% on gloomy global economic outlook. Meanwhile, McDonald's tumbled 4.50% after reporting weak profits as strong US Dollar hurt international sales. General Electric dropped 3.42% as its sales missed forecasts. Lenders also moved lower, with Bank of America and Travelers Cos sliding 0.32% and 0.58%.
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