NEW YORK – The stock market is falling in midday trading after Visa and Amazon posted weaker results than Wall Street expected.
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The Dow Jones industrial average lost 127 points, 0.8 percent, to 16,956. The Standard & Poor's 500 index fell eight points, or 0.4 percent, to 1,979. The tech-heavy Nasdaq composite dropped 25 points, or 0.6 percent, to 4,446.
Amazon's stock slumped $38.11, or 11 percent, to $320.50 after the online retail giant posted a wider loss than analysts had forecast. The stock slid the most in the S&P 500 index.
The Dow was dragged down by Visa, which fell $9.53, or 4.3 percent, to $213.21. The credit card processing giant reported an 11-percent rise in quarterly profit but cut its full-year forecast on concerns about overseas growth.