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Wall St retreats, data disappointing

(Agencies)
Updated: 2009-10-17 05:48

NEW YORK - Wall Street retreated on Friday, as earnings results from General Electric Co. (GE) and Bank of America Corp. disappointed investors.

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GE, the world's biggest maker of jet engines, lost over 4 percent as the company said its profit dropped 44 percent in the most recent quarter, hurt by weakness in its financial unit, GE Capital, though results were slightly better than analysts' estimates.

Meanwhile, Bank of America, the largest U.S. lender, dipped 4. 64 percent after posting a one-billion-dollar third-quarter loss and sales that trailed analysts' estimates.

International Business Machines Corp. dropped 4.95 percent. The world's largest computer-services company said new contract signings declined last quarter. And Advanced Micro Devices Inc. fell 7.27 percent after the chipmaker predicted that sales fell short of some analysts' estimates.

Google gained 3.76 percent after the company reported profit and sales that beat analysts' estimates after the recovering economy boosted demand for online ads and E-commerce.

The Reuters/University of Michigan survey of consumers said its preliminary index of sentiment for October fell to 69.4, from September's 73.5, due to a "dismal" state of personal finances. Meanwhile, U.S. government data showed refineries sharply reduced their utilization rates last week.

The Dow Jones fell 67.03, or 0.67 percent, to 9,995.91. The Standard & Poor's 500 index lost 8.88, or 0.81 percent, to 1,084. 68 and the Nasdaq dipped 16.49 to 2,156.80.