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Thursday
Jul172014

Stocks Tumble Following Dow's Record Close, Markets Dip with Airline Crash

iStock/Thinkstock(NEW YORK) -- Stocks plunged Thursday following disappointing corporate earnings reports and news of the downed Malaysia Airlines jetliner.

The Dow Jones Industrial Average fell 161 points to 16976.81, just one day after its record close. The Nasdaq Composite lost 63 to finish at 4363.45, and the S&P 500 fell 23 points at 1958.12.

News of the Malaysia Airlines jet disaster in Ukraine grounded several airline stocks, including American, Delta, and United Continental.

Government reports revealed an uneven economic recovery: the number of people seeking jobless benefits fell to its lowest number since the late 1990s and dipped by 3,000 last week, while home construction fell to its slowest pace in nine months.

Microsoft announced Thursday that it plans to cut 18,000 jobs by 2015. Meanwhile, tech giant Google reported a 22 percent increase in revenue from last year.

 


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