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Stocks declined ahead of the close Thursday, as Walt Disney released worse-than-expected results into a market already weakened by disappointing results from Cisco and a rise in the dollar as European debt troubles continued to roil currency markets.
TheDow Jones Industrial Averagewas down more than 90 points, after sinking more than 120 points earlier in the session. Thursday's weak performance followed a lackluster trading session on Wednesday with all the major indexes eking out gains .
Cisco, Disney and Boeing led the blue-chips lower, while Chevron and Exxon and
The S&P 500 and the tech-heavy Nasdaq declined. The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose slightly above 18.
Most key S&P sectors were lower led by technology, industrials and telecom. Materials and energy rose.
The cost of debt in Ireland,meanwhile, soared as the yield spread between 10-year Irish and German bondsreached its widest levels ever. Concerns with Ireland pushed the euro to record lows and the dollar higher.
Disney temporarily posted earnings results to its website before the close on Thursday, showing earnings and revenues that missed estimates. Disney's stock had been trading close to its 52-week high.
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