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Wall Street cedes ground after Mixed bag of Earnings
Wall Street suffered its first loss in four sessions on Thursday after a mixed bag of quarterly reports and a warning by Verizon Communications that a strike by workers would likely impact its bottom line.
The benchmark S&P 500 index in recent days had rallied to within 1 percent of its May record high, buoyed by a softer dollar and recovering crude prices. But investors had little patience for quarterly scorecards failing to meet already toned-down expectations.
"Earnings have been decent, outperforming, but outperforming expectations that have been dramatically lowered," said Charlie Johnson, a sales trader at Greentree Brokerage Services in Philadelphia. "So it's like a shell game."