INDUSTRY NEWS
U.S. Stocks Hit Low Level Due to Housing Concern, Earnings Reports
June 25, 2008
Source:The Financial Times
New York--As investors considered a number of earnings reports and a report that indicated housing was continuing its decline, U.S. stocks reached their lowest level in three months Tuesday, according to the Financial Times.
The tone was set after UPS, the largest global shipping carrier, reduced its second quarter earnings expectations because of increased gas costs and declining growth in the U.S. early in the day.
UPS' rival, FedEx, posted a surprise fourth quarter loss last week. Because UPS' earnings report was also lower than expected, concern about how oil prices are affecting the entire economy may increase, the Times said.
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