Disappointing results at Visa, Amazon dent stocks
NEW YORK (AP) — The stock market is falling in midday trading after Visa and Amazon posted weaker results than Wall Street expected.
The Dow Jones industrial average lost 127 points, 0.8 percent, to 16,956. The Standard & Poor's 500 index fell eight points, or 0.4 percent, to 1,979. The tech-heavy Nasdaq composite dropped 25 points, or 0.6 percent, to 4,446.
Amazon's stock slumped $38.11, or 11 percent, to $320.50 after the online retail giant posted a wider loss than analysts had forecast. The stock slid the most in the S&P 500 index.
The Dow was dragged down by Visa, which fell $9.53, or 4.3 percent, to $213.21. The credit card processing giant reported an 11-percent rise in quarterly profit but cut its full-year forecast on concerns about overseas growth.