Wall Street thought they dodged a bullet when the “Blizzard of 2015” fizzled into little more than a nuisance in New York City. Little did they know more trouble was around the corner.
Stocks took a nosedive from the opening bell on Wall Street Tuesday, as several major corporations reported disappointing earnings figures.
Caterpillar and Procter & Gamble were among those issuing reports that fell short of expectations, causing worry amongst investors and traders. Both companies slashed their sales and profit forecasts for 2015, signaling that the strength of the U.S. dollar could dent profits for major companies this year.
Orders for business equipment also fell sharply—almost 3.5%—which experts see as a symptom of the slowing global economy and its impact here in the States.
The Dow Jones Industrial Index dropped almost 400 points early in trading. Tomorrow, investors will turn their eyes to an announcement from the Federal Reserve following their first meeting of 2015.
Here were the numbers from Wall Street on Tuesday:
Dow Jones Industrial Average: 17,387.21 (-291.49)
NASDAQ: 4,681.50 (-90.27)
S&P 500: 2,029.55 (-27.54)