Another Day Of Losses On Wall Street: Acadiana Business Index
- The Dow Jones Industrial Average dropped 54 points, to 11,494.
- Investors took their cues from a report showing third-quarter gross domestic product in the US was revised down to 2.0%, from the original estimate of 2.5%. In addition, Congress's special deficit-cutting committee called it quits, without reaching a broad deficit-reduction plan.
- Meanwhile, the cost of insuring French, Belgian and Spanish government debt against default leapt to records as bond yields in the region climbed.
In corporate news:
- Hewlett-Packard lost 0.8%, after the blue-chip technology company issued a downbeat earnings outlook for the current quarter and for next year.
- Netflix hit its lowest point in more than a year. The Internet video company said it was raising $400 million in cash and warned it would report a loss in 2012. Shares fell 5.4%.
- Campbell Soup's quarterly earnings fell, although its soup business showed some signs of stabilizing. Revenue also came in lower than analysts expected. Shares dropped 5.3%.
- Worries about economic growth pushed crude oil down to $96.70 a barrel.
- And Gold rebounded from recent weakness, settling at $1,702 an ounce.