Wednesday, July 22, 2009
Investors are taking a wary view of the latest batch of corporate earnings reports following a weeklong winning streak.
Stocks are lower in early trading Wednesday following a batch of mixed corporate results. Chip maker Advanced Micro Devices Inc. and Wells Fargo & Co. are lower after reporting disappointing results.
Strong results for the April-June quarter have propelled major stock indicators more than 8% in the past seven days. Analysts have been warning that some pullback was likely.
In the first few minutes of trading, the Dow is down 50 to 8,867. The Standard & Poor's 500 index is down 6 to 949, and the Nasdaq composite index is down 8 to 1,909.