Weak earnings reports weigh on Wall Street

Stocks open lower on Wall Street as BofA, other companies report weak earnings

Associated Press
Stocks fall on signs of slowing global economy
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In this Tuesday, April 16, 2013, photo, specialist Paul Cosentino, left center, works at his post on the floor of the New York Stock Exchange. World stock markets were mixed Wednesday, April 17, 2013 with Asian stocks boosted by positive U.S. data while European shares fell over worries about Germany in the wake of a downbeat investor survey. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are opening lower on Wall Street after several big companies including Bank of America reported financial results that fell short of what analysts were hoping for.

The Dow Jones industrial average fell 105 points, or 0.8 percent, to 14,652 shortly after the opening bell Wednesday. It rose 157 the day before.

The Standard & Poor's 500 index was down 16 points at 1,558, a decline of 1 percent.

The Nasdaq composite fell 35 points, or 1.1 percent, to 3,229.

Bank of America fell 4 percent to $11.80, the biggest percentage loss in the Dow, after reporting earnings that missed analysts' estimates.

Textron fell 11 percent to $26 after cutting its forecast for deliveries of corporate jets.

Toy maker Mattel jumped 4 percent to $44.61 after its net income quadrupled.

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