Stocks Tumble, Alcoa(AA) Plummets

Alcoa (NYSE: AA) kicked off the fourth quarter reporting season with disappointing figures. Investors are also growing wary of bigger than expected widening of the US trade deficit.

Amid these concerns, Dow Jones Industrial Average (DJI) fell by 59 points to 10605. Nasdaq Composite (IXIC) and S&P 500 followed suit and fell by 0.9% and 0.8% respectively.

Alcoa also felt the brunt of dismal earnings figures and fell by 8.4%. Alcoa had posted a $277 million loss and also reported declining sales. Chevron (NYSE: CVX) fell by 1.7% after cautioning the investors about its lowered earnings.