Wall Street has another not-so-hot session

dow.jpgThe Dow lost 129 points, which is not stop-the-presses horrible but it is the biggest drop since June 25 and the second-straight triple-digit decline. The loss is attributed to the prospects of a weak quarter for corporate earnings - as well as less-than-glowing outlooks for 2013. Alcoa, a Dow component and the first big company to report third-quarter results, had only so-so numbers and reduced its demand forecast. Chevron, also part of the Dow, warned that its third-quarter earnings will be "substantially lower" from the prior period. Also worth noting is a sharp drop in Apple shares. None of these developments is all that unexpected, but they do feed into the conventional wisdom that the economy faces a tough year ahead - and that, of course, has all sorts of political implications. A few up sessions could change the temperature in a hurry (markets are harder to predict than elections), but keep in mind that October is a notoriously volatile month for stocks. So, just keep an eye out.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook