Wall Street cooled off on Thursday after some disappointing earnings reports from companies, including Intel. Bobbi Rebell reports.
Stocks took a break from their march upward on Thursday. The major indexes falling into the red on some disappointing earnings reports, most notably chipmaker Intel. Joe Heider is the president of Cirrus Wealth Management: (SOUNDBITE) JOE HEIDER, PRESIDENT, CIRRUS WEALTH MANAGEMENT (ENGLISH) SAYING: "There's always going to be breathers on the way up. It is never a straight line in either direction, and, I think, that is what today represents. " General Motors boosted its full year outlook. The automaker reported a record second quarter profit, sending its stock higher. Southwest Airlines stock dropped after it forecast a drop in third quarter revenue. U.S. antitrust officials have moved to block consolidation in the health insurance market filing suits against Anthem's proposed purchase of Cigna, as well as Aetna's planned acquisition of Humana. Amazon is partnering with Wells Fargo to get into the student loan business. Wells Fargo will cut half a percentage point off interest rates on student loans to Amazon customers who pay for a "Prime Student" subscription. U.S. jobless claims unexpectedly fell to a three-month low last week, while home resales rose in June to their fastest pace in more than nine years In Europe, shares also retreated on weaker news from airlines including Lufthansa.