Investing.com - U.S. stocks dropped on news home sales were off last month, while quarterly earnings continued to disappoint.
At the close of U.S. trading, the Dow Jones Industrial Average fell 1.52%, the S&P 500 index was down 1.66%, while the Nasdaq Composite index was down 2.19%.
In a report, the National Association of Realtors said that September home sales fell 1.7% to 4.75 million from 4.83 million in August, whose figure was revised up from 4.82 million.
Analysts had expected existing home sales to fall to 4.75 million last month.
While in line with expectations, the report stoked bearish sentiments on Wall Street and sent investors chasing the ditching stocks and stocking up on safe-haven dollar positions.
Earnings fueled the selloff as well.
Microsoft reported late Thursday that its third-quarter net income fell 22% to USD4.47 billion, which missed expectations, while revenue fell 8% on year to USD16.01 billion.
General Electric, meanwhile, reported earlier that its third-quarter net income rose 8% to USD3.49 billion, while revenue rose 3% to USD36.35, missing market expectations.
Fast-food giant McDonald's quarterly earnings fell 3.3% to USD1.46 billion, while revenue was basically flat at USD7.2 billion
Internet search giant Google released earnings earlier than planned late Thursday, which sparked confusion, and missed estimates as well.
The company reported revenue of USD14.10 billion, up 45% on year, though net income came to USD2.18 billion, down 20% on year and below expectations.
Elsewhere, stocks stayed low on news Spain won't rush to seek rescue financing.
Spanish Prime Minister Mariano Rajoy said his government felt it was under no pressure to seek a bailout.
Requesting financial assistance would allow Spain to tap the European Central Bank's bond-buying program, which would lower yields in Spanish government debt auctions and ease credit conditions in the country.
Leading Dow Jones Industrial Average performers included Home Depot, up 0.13%, Bank of America, down 0.32%, and Boeing, down 0.39%.
The Dow Jones Industrial Average's worst performers included McDonald's, down 4.46%, General Electric, down 3.46%, and Caterpillar, down 3.17%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 1.24%, France's CAC 40 fell 0.87% as well, while Germany's DAX 30 finished down 0.76%. Meanwhile, in the U.K. the FTSE 100 fell 0.35%.
At the close of U.S. trading, the Dow Jones Industrial Average fell 1.52%, the S&P 500 index was down 1.66%, while the Nasdaq Composite index was down 2.19%.
In a report, the National Association of Realtors said that September home sales fell 1.7% to 4.75 million from 4.83 million in August, whose figure was revised up from 4.82 million.
Analysts had expected existing home sales to fall to 4.75 million last month.
While in line with expectations, the report stoked bearish sentiments on Wall Street and sent investors chasing the ditching stocks and stocking up on safe-haven dollar positions.
Earnings fueled the selloff as well.
Microsoft reported late Thursday that its third-quarter net income fell 22% to USD4.47 billion, which missed expectations, while revenue fell 8% on year to USD16.01 billion.
General Electric, meanwhile, reported earlier that its third-quarter net income rose 8% to USD3.49 billion, while revenue rose 3% to USD36.35, missing market expectations.
Fast-food giant McDonald's quarterly earnings fell 3.3% to USD1.46 billion, while revenue was basically flat at USD7.2 billion
Internet search giant Google released earnings earlier than planned late Thursday, which sparked confusion, and missed estimates as well.
The company reported revenue of USD14.10 billion, up 45% on year, though net income came to USD2.18 billion, down 20% on year and below expectations.
Elsewhere, stocks stayed low on news Spain won't rush to seek rescue financing.
Spanish Prime Minister Mariano Rajoy said his government felt it was under no pressure to seek a bailout.
Requesting financial assistance would allow Spain to tap the European Central Bank's bond-buying program, which would lower yields in Spanish government debt auctions and ease credit conditions in the country.
Leading Dow Jones Industrial Average performers included Home Depot, up 0.13%, Bank of America, down 0.32%, and Boeing, down 0.39%.
The Dow Jones Industrial Average's worst performers included McDonald's, down 4.46%, General Electric, down 3.46%, and Caterpillar, down 3.17%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 1.24%, France's CAC 40 fell 0.87% as well, while Germany's DAX 30 finished down 0.76%. Meanwhile, in the U.K. the FTSE 100 fell 0.35%.