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New York - Wall Street shares fell on Wednesday in a roller-coaster session market by a late slide in bank stocks after a mixed day for corporate earnings.
At the closing bell, the Dow Jones Industrial Average was down 92.65 points (0.92%) to 9,948.83, reversing early gains.
The Nasdaq composite dropped 12.74 points (0.59%) to 2 150.73 and the broad-market Standard & Poor's 500 index shed 9.81 points (0.90%) to 1,081.25, based on preliminary closing data.
The market reacted to news of record profits for banking giant Wells Fargo and positive earnings for Morgan Stanley after three consecutive quarterly losses, offset by news of a worse-than-expected loss of $1.56bn for aerospace giant Boeing.
"It does look like good third-quarter earnings have lost their ability to spark buying," said Al Goldman at Wells Fargo Advisors.
"The problem is that the earnings story is now old news. What folks would now like to see are increased revenues. Better earnings have basically come from cost cutting and that can't go on forever."
- AFP