Stocks closed modestly lower Monday, as rising oil prices and concerns in the tech and drug sectors overpowered a better-than-expected earnings report from Bank of America.
In the news Tuesday: Wachovia Corp. posted a loss of nearly $9 billion for its second quarter Tuesday on losses related to home mortgages. The shortfall exceeded the estimates of Wall Street analysts.
US Airways missed second quarter revenue projections, just barely, but reported a smaller loss than expected. The carrier reported a net loss of $101 million for the second quarter, or $1.11 per share. United Airlines reported Tuesday a net loss of $2.7 billion for the second quarter.
UPS Inc. said Tuesday its profit fell nearly 21% in the second quarter despite a 6.7% increase in sales. The company also lowered its outlook for the year amid a slumping U.S. economy.
American Expressdelivered some ugly news after the market closed Monday, posting a smaller-than-expected second-quarter profit and withdrawing its 2008 earnings guidance.