Dow driven lower by IBM, United Technologies

GMT 14:17 2015 Tuesday ,21 July

Arab Today, arab today Dow driven lower by IBM, United Technologies

The Dow Jones Industrial Average
New York - AFP

US stocks fell in opening trade Tuesday following disappointing earnings from IBM and United Technologies as the market looked ahead to results from Apple later in the day.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,987.87, down 112.54 points (0.62 percent).

The broad-based S&P 500 shed 2.12 (0.10 percent) at 2,126.16, while the tech-rich Nasdaq Composite Index slipped 2.70 (0.05 percent) to 5,216.16.

IBM slumped 5.3 percent as it reported lower revenues for the 13th straight quarter, with second-quarter sales dropping this time by more than 13 percent to $20.81 billion.

United Technologies dropped 6.1 percent as it slashed its profit forecast due to economic weakness in China and the drag of the strong dollar, and said second-quarter earnings fell 8.2 percent.


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