Blue-chip Wall Street stocks saw sharp falls yesterday after a string of weak results showed the pressure US multinationals are under from a stronger dollar and subdued global growth.
Companies as diverse as Caterpillar, DuPont, Microsoft, Procter & Gamble and United Technologies have reported disappointing profits or warned that they face challenges in the year ahead from sluggish emerging market growth and the strong domestic currency.
Equities also reacted to weaker-than- expected US durable goods orders for December, which declined by 3.4 per cent, following a downward revision of 2.1 per cent for November.
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