Equities Mid-Day Market Roundup: Stocks Down on Weaker Earnings

Equities Editors Desk  |

Wall Street took a dip but recovered some losses this morning as several major stocks announced earnings that failed to meet analyst and investor expectations. Pfizer (NYSE: PFE) and Clorox (NYSE: CLX) shares tumbled as the drugmaker's revenue came in lower than forecasted and the consumer goods giant missed profit expectations. However, positive results from Alcoa (NYSE: AA), Mastercard (NYSE: M) and GM (NYSE: GM) helped to offset early losses in the market. GM shares surpassed the company's IPO price of $33 per share for the first time since the automaker returned from bankruptcy. In other news, the U.S. dollar gained a little strength while commodities were dragged down by sliding silver and gold prices. Oil is now trading at $112 per barrel. Energy investors are still gauging how the death of al Qaeda leader Osama bin Laden will affect the market, if it does at all.

DJIA: 12,820.76 (+0.10 percent)
S&P 500: 1,357.44 (-0.28 percent)
NASDAQ: 2,840.56 (-0.82 percent)
Russell 2000: 845.71 (-1.06 percent)

In other news:

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