IPFS News Link • Economy - Economics USA
Stocks tumble on Bank of America, GE earnings
• BreitbartBank of America says it lost more than $2 billion in the third quarter, more than analysts expected. One of the largest recipients of government bailout funds, the bank also set aside more than $11 billion to offset bad loans.
General Electric's quarterly profit dropped 44 percent, hurt by much lower earnings at its lending arm GE Capital. The reports suggest consumers and businesses are still having a hard time paying off their debts.
The Dow Jones industrial average is down 89 at 9,973. The Standard & Poor's 500 index is down 9 at 1,086, and the Nasdaq composite indexis down 12 at 2,160.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
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