Today, industrials editor and analyst Brendan Byrnes talks about what's dragging down the Dow through midday trading. Spain is a main catalyst for the Dow's drop, as its benchmark 10-year bond yields rose again above 7%, a level that's considered unsustainable. Spain also cut its 2013 GDP forecast, predicting now that GDP would contract 0.5% in 2013 versus the 0.2% growth previously forecast. With earnings season in full swing, a number of blue chips reported after hours last night or this morning. General Electric slightly beat expectations, as did Microsoft, though it technically posted a loss due to the writedown in the value of its online unit. Outside the Dow, Google reported impressive earnings last night, growing EPS by 11% and revenue by a whopping 35%. Check out the video below for more on what's driving the Dow today, as well as individual winners and losers.
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Brendan Byrnes owns no shares of any company mentioned above. The Motley Fool owns shares of Google and Microsoft. Motley Fool newsletter services have recommended buying shares of Microsoft and Google, as well as creating a bull call spread position in Microsoft. The Motley Fool has a disclosure policy.
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