Stocks drop as earnings disappoint; Fed upcoming

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Associated Press

Posted on January 29, 2014 at 12:02 PM

Updated Wednesday, Jan 29 at 2:01 PM

NEW YORK (AP) — Stocks are lower as investors react to disappointing company earnings and wait for news from the Federal Reserve.

Worries about emerging markets returned after efforts by Turkey and South Africa to shore up their currencies failed.

The Dow Jones industrial average fell 89 points, or 0.6 percent, to 15,839 as of noon Eastern time Wednesday.

The Standard & Poor's 500 index lost eight points, or 0.4 percent, to 1,784. The Nasdaq composite fell 11 points, or 0.37 percent, to 4,086.

Yahoo fell 7 percent after the company reported a drop in fourth-quarter revenue late Tuesday, highlighting its trouble in bringing in online advertising dollars.

Boeing fell 5 percent after the plane maker said 2014 revenue and profit would be lower than analysts have been expecting.

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