The Dow Jones Industrial Average (INDEX: ^DJI) is falling for the second day in a row as GDP data fell short of expectations and two Dow components reported earnings. At 1:30 p.m. EST, the Dow was down 83 points to 12,651.38.
The U.S. Commerce Department released GDP data this morning that showed GDP rose 2.8% in the fourth quarter, faster than the previous quarter's 1.8% growth. However, 2.8% was below analyst expectations of 3% growth.
Adding to the negative data were Chevron's (NYSE: CVX) earnings. The company missed lowered analyst expectations for both earnings per share and revenue. Chevron reported earnings per share of $2.58; analysts had been expecting $2.85. For revenue, the company reported $60 billion versus analyst expectations of $71 billion. Production increased to 2.64 million barrels per day from 2.60 million barrels per day last quarter. The stock is down $2.31, or 2.17%, to $104.28 in afternoon trading.
The other Dow component to report earnings today, Procter & Gamble (NYSE: PG), beat expectations but forecast lower-than-expected numbers for next quarter. The company reported earnings per share of $1.10, $0.02 above analyst expectations of $1.08. Revenue was $22.14 billion, just slightly below expectations of $22.2 billion. The company projected earnings per share for next quarter of just $0.81 to $0.87, below analyst expectations of $1.06. The company cited rising commodity costs and unfavorable currency movements. The stock is down $0.75, or 1.15%, to $64.05 in afternoon trading.
Foolish bottom line
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