Tepid earnings reports from big banks couldn't lift Wall Street Thursday. Fred Katayama reports.
Wall Street fell Thursday, dragged down by telecom stocks. Tepid earnings reports from big banks couldn't fuel the optimism that has driven indexes to record highs. Runnymede Capital's Andrew Wang: SOUNDBITE: ANDREW WANG, SENIOR VICE PRESIDENT, RUNNYMEDE CAPITAL MANAGEMENT, (ENGLISH) SAYING: "I think that it's a confusing time for the stock market. There's a lot of cautiousness out there. Investors are a little bit confused. And we are in a situation where everyone's watching earnings. The banks are starting to report so everyone's trying to see will earnings beat or not." JPMorgan Chase and Citigroup shares fell even though quarterly profit at both banks rose more than 7 percent. They overcame a big drop in trading revenue. Other banks also traded lower. AT&T tumbled. The string of hurricanes hurt the telecom company's quarterly results. AT&T shed video subscribers. Other telecom stocks also fell after brokerage Guggenheim raised concerns about subscriber losses at Disney and Viacom. General Motors shares skidded. The Wall Street Journal reports the automaker plans to cut production at a plant in Detroit and lay off roughly 1500 workers. Equifax shares fell. The credit reporting agency took down one of its customer help sites as it looks into reports of another potential cyber breach. In Europe, consumer staples nudged the markets mostly higher. Germany's DAX rose above 13,000 for the first time, but closed below it.