It doesn't look like there's much anyone can do to save it, either, and that's where there's real problems. If the market feels there's an immediate cure from either the world banks, or a collective effort with our Fed Governor, then things won't be so bad from a market perspective. Clearly, that was somewhat the hope today as things could have been much worse than they were, especially when you look at the losses compiled overseas today.
Stocks are sliding following weak earnings from United Parcel Service and other major U.S. companies. The market was headed for its third loss in a row.
The Dow Jones industrial average dropped 119 points to 12,603 at midday Tuesday. The Standard & Poor's 500 fell 12 points to 1,339. The Nasdaq dropped 16 points, to 2,874.
UPS fell $3.78, or nearly 5 percent, to $74.17 after cutting its earnings forecast 4 percent for the year because of the global economic slowdown. Chemical maker DuPont posted a 3 percent decline in net income. Its stock lost 45 cents, or 0.5 percent, to $48.26.
A report from the Federal Reserve Bank of Richmond indicated that manufacturing in the central-Atlantic region is contracting. That followed reports of pullbacks in New York and Philadelphia.
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