BUSINESS

Weak earnings news drags stocks lower in midday trading on Wall Street; Banks fall

08/07/2013 12:05 EDT | Updated 10/07/2013 05:12 EDT
NEW YORK, N.Y. - Stocks are falling for a third day in a row on Wall Street after several companies reported weak earnings.

Marathon Oil and First Solar dropped after their earnings fell shy of what analysts were expecting. Disney fell after its results were held back by costs related to "The Lone Ranger."

The Dow Jones industrial average fell 79 points, or 0.5 per cent, to 15,439 at midday Wednesday.

The Standard & Poor's 500 index fell 10 points, or 0.6 per cent, to 1,687. The Nasdaq composite fell 26 points, or 0.7 per cent, to 3,639.

Bank stocks fell after the government accused Bank of America of civil fraud in its dealings with mortgage-backed securities.

The yield on the 10-year Treasury note slipped to 2.62 per cent from 2.64 per cent.