The Dow Jones Industrial Average (INDEX: ^DJI) fell for the second day in a row as Europe failed to make much headway on the Greek debt talks and as five Dow components reported earnings.
Dow Jones Industrial Average
Earnings played a major role in the Dow's decline.
Travelers' (NYS: TRV) earnings were $1.51 per share, below analyst expectations of $1.53. Revenue came in at $6.4 billion, above analyst expectations of $5.47 billion. Still, this company was the Dow's loss leader and finished the day down $2.29, or 3.8%, to $58.00.
Verizon (NYS: VZ) reported a loss of $0.71 per share. Excluding $1.20 of severance, pension, and benefit costs, EPS were $0.51, slightly below analyst expectations of $0.53. Revenue was up nearly 8% to $28.4 billion, in line with expectations. The company finished down 1.59%, or $0.61, to $37.79.
McDonald's (NYS: MCD) was the only stock that reported strong earnings this morning. Earnings per share were up 15% to $1.33, above analyst expectations of $1.30 per share. Revenue was $6.82 billion, slightly above analyst expectations of $6.81. However, as with the rest of the earnings reporters, McDonald's finished the day down 2.2%, or $2.20, to $98.75.
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