US shares fall again as earnings disappoint

http://www.bbc.co.uk/news/business-33655173

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(Close): The S&P 500 and Nasdaq have suffered their largest weekly drop since March after all three of the main indexes closed lower for again.

The Dow Jones dropped 160.3 points to 17571.61, while the S&P 500 slipped 22.5 points to 2079.65.

The tech-heavy Nasdaq lost 57.8 points, closing at 5088.63.

Capital One and Biogen were two of the biggest losers, plunging 13.1% and 22.1% respectively after reporting results that disappointed investors.

Healthcare insurance firm Anthem's announcement that it was spending $54bn (£35bn) on buying smaller rival Cigna also didn't seem to please investors.

Anthem's shares closed down 2.8%, while Cigna's lost 5.6%.

A closely-watched Chinese manufacturing index - which fell to a 15-month low in July - also hit investor sentiment, adding to fears of a slowdown in the world's second largest economy.

But there were some bright spots. Payments firm Visa shares rose 4.3% after its results pleased investors.

Amazon shares also rose 10% after it revealed an unexpected profit and Starbucks' shares gained 1.3%, after investors reacted to its strong second quarter, reported after Thursday's close of trade.