Stocks slide, Fed cuts, Dow drops.
NEW YORK -- Stock investors had plenty to dislike on Wednesday.
Disappointing earnings from big U.S. companies, ongoing jitters in emerging markets and more cuts to the Federal Reserve's economic stimulus combined to push stocks lower.
Boeing slumped 5.2 percent after the plane maker said its 2014 revenue and profit would fall short of analysts' expectations. AT&T fell 1.2 percent after its outlook for the year disappointed investors.
Yahoo dropped 8.7 percent after it reported a drop in fourth-quarter revenue late Tuesday, highlighting its trouble drawing online advertising dollars.
Facebook soared 12 percent in after-hours trading Wednesday after its earnings and revenue surpassed expectations. The number of users grew as did how much it makes on mobile ads.
Qualcomm, which makes chips for cellphones, rose 3 percent in after-hours trading. Its earnings came in well ahead of what financial analysts were expecting.
Dow Chemical rose $1.67, or 3.9 percent, to $44.73 after the company increased its quarterly dividend and expanded its share-purchase program.
-- The Associated Press
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|Publication:||Telegram & Gazette (Worcester, MA)|
|Date:||Jan 30, 2014|
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