Dow now at 10,275, down 108 points.
NEW YORK (AP) — Stocks have reversed course and given up their
big gains in afternoon trading Thursday.
A strengthening dollar and profit-taking have helped drag stocks
from the lofty levels they reached earlier in the day. The Dow
Jones industrial average fell 38 points in afternoon trading. It
had been up as much as 105 points in morning trading after index
components Caterpillar Inc., Travelers Cos. and McDonald’s Corp.
all beat earnings expectations and AT&T Inc. matched
forecasts.
Once again Bank of America Corp. hurt the Dow as it continues to be
dogged by worries about whether investors will force the bank to
buy back mortgages it originated.
