Friday, July 25, 2014
NEW YORK (AP) — The stock market is lower in early trading after online retail giant Amazon posted a quarterly loss.
The Dow Jones industrial average lost 102 points, or 0.6 percent, to 16,981 shortly after the market opened Friday The Standard & Poor's 500 index slipped six points, or 0.3 percent, to 1,981. The Nasdaq composite fell 25 points, or 0.6 percent, to 4,446.
Amazon's stock slumped $38.15, or 11 percent, to $320.46 after it reported a wider loss late Thursday than analysts had forecast. The company's expenses outpaced a surge in revenue.
Investor seemed to shrug some good news about the U.S. economy. Orders for long-lasting manufactured goods rebounded in June, helped by rising demand for commercial aircraft and machinery.
Major markets in Europe also traded lower.