Stocks open lower as latest earnings disappoint

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Associated Press

Posted on January 23, 2014 at 8:01 AM

Updated Thursday, Jan 23 at 8:02 AM

NEW YORK (AP) — Stocks are sharply lower in early trading after several companies reported disappointing results and as signs emerged that manufacturing in China was set to contract.

The Dow Jones industrial average fell 156 points, or 0.9 percent, to 16,225 in the first few minutes of trading Thursday.

The Standard & Poor's 500 index fell 13 points, or 0.7 percent, to 1,831. The Nasdaq composite lost 26 points, or 0.6 percent, to 4,216.

A preliminary reading of HSBC's purchasing managers' index for China dipped this month to the lowest level since July. Asian markets ended broadly lower.

In the U.S., several companies were lower after reporting quarterly results, including KeyCorp, Johnson Controls and Jacobs Engineering.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.82 percent from 2.87 percent.

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