Stocks are getting crushed after a slew of disappointing earnings reports. Heading into the last hour of trading, The Dow was down 1.7%, the S&P was down 1.8% and the Nasdaq was lower by 2.3%.
Investors worried after McDonalds (NYSE:MCD), General Electric (NYSE:GE) and Microsoft (NASDAQ:MSFT) posted lower than expected quarterly results.
Microsoft's profit sank on a drop in PC sales. McDonald's earnings were hurt by a strong dollar and GE came in with lower than expected revenue.
In other news, purchases of existing homes fell 1.7% in September, which was pretty much as expected.
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