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Article: Stocks Fall After GE Results Disappoint
- Article from:
- AP Online
- Article date:
- April 11, 2008
- Author:
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Wall Street slumped Friday after a disappointing first-quarter report from General Electric Co. surprised the market and stoked concern about the health of both corporate profits and the wider economy. The major indexes fell more than 1.5 percent, with the Dow Jones industrials giving up more than 200 points.
A weaker-than-expected reading showing consumer confidence at a 26-year low tamped down any positive sentiment.
GE, which is regarded as a bellwether of big business, said its financial-services divisions have been challenged by the slowing U.S. economy and difficult capital markets. The company, whose orbit extends into entertainment, consumer and industrial ...