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Stocks drop for 3rd straight day on lower earnings

Wingszi Chang left Getco Securities Michael Smyth MND Partners trade floor New York Stock Exchange Monday July 23 2012 New

Wingszi Chang, left, of Getco Securities, and Michael Smyth of MND Partners trade on the floor of the New York Stock Exchange Monday, July 23, 2012 in New York. The Dow Jones industrial average closed down 101.11 points to 12721.46. (AP Photo/Henny Ray Abrams)

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Updated: July 24, 2012 3:36PM



Stocks are closing lower for a third straight day following weak earnings reports, a pullback at U.S. factories and fear that Europe’s debt crisis could spiral out of control.

The Dow Jones industrial average lost 104 points to close at 12,617 Tuesday.

United Parcel Service fell 5 percent after cutting its earnings forecast for 2012. DuPont dropped 2 percent after reporting net income dropped in the second quarter.

The Standard & Poor’s 500 fell 12 points to 1,338. The Nasdaq composite was off 27 points at 2,863.

Three stocks fell for every one that rose on the New York Stock Exchange. Volume as average at 3.8 billion shares.



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