Wall Street dips ahead of looming earnings reports

 | October 05,2010 11:34 am IST

Major US stock indices closed lower Monday as investors remained nervous about the weak economy leading into the third-quarter corporate earnings reporting season later this month.


Wall Street analysts were trimming their earnings forecasts across US stock market listings, the Bloomberg financial news agency reported Monday.


The blue-chip Dow Jones Industrial Average lost 78.41 points, or 0.72 percent, to 10,751.27. The broader Standard and Poor's 500 Index fell 9.21 points, or 0.8 percent, to 1,137.03. The technology-heavy Nasdaq Composite Index dropped 26.23 points, or 1.11 percent, to 2,344.52.


The US currency rose to 73.05 euro cents from 72.51 euro cents Friday. The dollar edged up against the Japanese currency to 83.43 yen from 83.22 yen at the end of last week.