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Stocks closed down Thursday soon after 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 Average fell 73.94 points, or 0.7 percent, to close at 11,283.10 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 rose.
The S&P 500 fell 5.17 points, or 0.4 percent, to 1,213.54, while the tech-heavy Nasdaq dropped 23.26 points, or 0.9 percent, to 2,555.52. The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 18.
Most key S&P sectors were lower led by technology, financials and telecom. Energy and materials rose.
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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