Stocks Drop During Early Trading Tuesday
NEW YORK (AP) — Stock prices are lower on Wall Street at midday trading Tuesday.
The Dow Jones industrial average is down 60 points. Decliners on the New York Stock Exchange hold an 8-7 lead over gainers.
The Nasdaq Composite Index has lost four points.
And the Standard&Poor’s 500 Stock Index is off more than three points.
Trading on the New York Stock Exchange during the first two hours totaled 1.3 billion shares. Volume on the Nasdaq Market came to 681 million shares.
Investors seem pleased that Goldman Sachs’ profit beat analysts estimates, but are troubled by a batch of government economic reports.
The world’s largest investment bank’s second-quarter earnings came to $4.58 per share – $1.16 more than the forecast.
At the same time, news of rising wholesale prices, declining home construction and a drop in industrial production have the market concerned about a pullback by the consumer, which would slow economic growth even more.
