Dow Closes Down After Downbeat Earns Reports

NEW YORK (October 10, 2012)--The Dow Jones industrial average finished sharply lower Wednesday after downbeat reports from two stocks in the average, Alcoa and Chevron.

Alcoa beat Wall Street earnings estimates Tuesday night, but cut its demand expectation for the year, mostly because of a slowdown in China.

Chevron said slumping oil prices and production will hurt its earnings.

The Dow ended the day down 128 points at 13,344.

Other indexes were down less on a percentage basis.

The Standard & Poor's 500 index dropped eight points to close at 1,432.

The Nasdaq composite index was off 13 to end the day at 3,051.

Declining stocks outnumbered advancers by about 2-to-1.

Early figures show trading volume was about average at 3.2 billion shares.

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