17 Oct 2009

Wall Street closes lower

2:25 pm on 17 October 2009

US stocks fell on Friday after results from General Electric and Bank of America demonstrated the road to economic recovery will be bumpy.

General Electric, which sells products from aircraft engines to refrigerators, reported a 20% drop in revenue, while Bank of America posted a $US1 billion loss.

The Dow Jones industrial average fell 67.03 points, or 0.67%, to 9,995.91.

The Standard & Poor's 500 Index lost 8.88 points, or 0.81%, to 1,087.68.

The Nasdaq Composite Index gave up 16.49 points, or 0.76 percent, at 2,156.80.