Dow hits triple digit losses, weak earnings to blame as investors sell

Despite Ford’s first positive revenues in four years, Ben Bernanke’s confirmation to a second term and President Obama’s push for more new jobs, investors were not taking it and started a sell off.

Major players such as IBM (IBM), Hewlett-Packard (HPQ), Microsoft (MSFT), McDonald’s (MCD), 3M (MMM) and Caterpillar (CAT) all recorded slips in stock. It didn’t help much that Qualcomm and Motorola both reported weak 2010 forecasts. Qualcomm, whose shares fell 14% citied the ho-hum economy as it cut its revenue and earnings outlook. Motorola did much of the same, telling share holders to expect low revenues and earnings for 2010. The company is citing the decision to launch and develop more smart phones in an attempt to gain lost ground from Apple and other smart phone developers.

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Investors ignored higher than expected quarterly earnings from 3M and AT&T, with the phone carrier adding 2.7 million new wireless subscribers and wireless revenues growing by 9.2 percent.  3M reported an 11% increase in sales with shares moving up to $1.30 a share.

The Dow lost 115 points, or 1.1%, to finish the session at 10,120.50. While the S&P 500 took a small hit as well, losing 13 points to close at 1,084.53. The Nasdaq lost 42 points to settle at 2,179. With all major indexes down, gold rose 70 cents to $1,085.90 an ounce and oil fell 23 cents to $73.44 a barrel.

In Europe, France’s CAC slid 71.01 points to close at 3,688.79; Germany’s DAX took a big hit losing three digits to close at 5,540.33 while in London the FTSE 100 lost 71.73 points to close their session at 5,145.74.

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