An ugly day for stocks

Not in the same universe with what happened on Oct. 19, 1987, when the Dow lost 22.6 percent. Today's 205-point drubbing was the biggest one-day loss since June, but the decline only came to 1.5 percent. Year to date, the Dow is up more than 9 percent. Then is not now at any level. Still, it was a lousy day right from the opening bell - in part because of specific earnings disappointments from GE, Microsoft, and McDonald's, but more broadly because it fits into the ongoing narrative that corporate earnings in the third quarter were on the weak side. Actually, earnings have taken a back seat to other buy-and-sell considerations (Europe, for example), but at some point investors must deal with that most fundamental of indicators: How much money are companies making?

Chart: CNNMoney