Stocks decline on earnings; Coca-Cola drops
NEW YORK -- A string of lackluster earnings reports from companies including Coca-Cola and Charles Schwab ended an eight-day winning streak for the Standard & Poor's 500 index.
Coca-Cola, the world's largest beverage maker, fell after the company said it sold less soda in its home market of North America. Retail brokerage Charles Schwab's second-quarter earnings fell short of what analysts were expecting. Marathon Petroleum fell after the fuel refiner forecast weak earnings and said its business was being hurt by renewable fuels laws.
"The expectations out there for earnings overall, they're pretty modest," said Scott Wren, senior equity strategist at Wells Fargo. "Earnings season is not going to be what drives the market from here."
The Dow Jones industrial average fell 32.41 points, 0.2 percent, to 15,451.85. The Standard & Poor's 500 index declined 6.24 points, or 0.4 percent, to 1,676.26. The Nasdaq composite dropped 8.99 points, or 0.3 percent, to 3,598.50.
Eight of the 10 industry groups in the S&P 500 fell. The declines were led by materials companies. Phone companies and technology companies were the two groups that gained.
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