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Policy: Economy

Disappointing results at Visa, Amazon hurt stocks

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Photo - The New York Stock Exchange is shown, Monday, July 15, 2013 in New York. European stock markets were down Friday, July 25, 2014 while Asian markets took cheer from U.S. unemployment claims falling to an eight-year low. (AP Photo/Mark Lennihan)
The New York Stock Exchange is shown, Monday, July 15, 2013 in New York. European stock markets were down Friday, July 25, 2014 while Asian markets took cheer from U.S. unemployment claims falling to an eight-year low. (AP Photo/Mark Lennihan)
News,Business,Economy,Financial Markets

NEW YORK (AP) — The stock market is ending lower after Visa and Amazon posted disappointing results.

The Dow Jones industrial average dropped 123 points, 0.7 percent, to close at 16,960 Friday. The Standard & Poor's 500 index fell nine points, or 0.5 percent, to end at 1,978. The tech-heavy Nasdaq composite dropped 22 points, or 0.5 percent, to 4,449.

Amazon's stock slumped $34.60, or 9.6 percent, to $324.01 after the online retail giant posted a wider loss than analysts had forecast. The stock slid the most in the S&P 500 index.

The Dow was dragged down by Visa, which fell $7.97, or 3.6 percent, to $214.77. The credit card processing giant reported an 11 percent rise in quarterly profit but cut its full-year forecast on concerns about overseas growth.

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