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Stocks move lower on Wall Street; eBay slides

Thursday - 4/18/2013, 1:14pm  ET

In this Tuesday, April 16, 2013, photo, Trader John Yaccarine, left, and specialists Mark Otto, center, and Christopher Malloy, work on the floor of the New York Stock Exchange Tuesday, April 16, 2013. Disappointing earnings results weighed on the stock market in early trading on Thursday, April 18, 2013, following two steep drops this week. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stock prices are moving lower as several big companies report financial results that disappointed investors.

The Dow Jones industrial average was off 67 points at 14,551 at midday Thursday, a decline of 0.5 percent. The Dow lost 138 points the day before and is down 2 percent for the week.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,547. The Nasdaq composite fell 21 points, or 0.6 percent, to 3,183.

Ebay sank 5 percent to $53.38 after cutting its profit forecast.

UnitedHealth, the nation's largest health insurance company, was down 3.5 percent at $59.87 after reporting a 14 percent drop in first-quarter earnings.

Weak economic reports also discouraged investors. Unemployment claims rose last week and manufacturing weakened in the mid-Atlantic region.


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