By The Associated Press
Stocks dropped Wednesday after disappointing reports from Alcoa, the aluminum company, and Chevron. Alcoa cut its demand forecast for the year, mostly because of a slowdown in China. Chevron said slumping oil prices and production would hurt earnings.
The Dow Jones industrial average fell 128.56 points, or 1 percent, to 13,344.97.
The Standard & Poor's 500 index fell 8.92 points, or 0.6 percent, to 1,432.56.
The Nasdaq composite index fell 13.24 points, or 0.4 percent, to 3,051.78.
For the week:
The Dow is down 265.18 points, or 2 percent.
The S&P is down 28.37 points, or 1.9 percent.
The Nasdaq is down 84.41 points, or 2.7 percent.
For the year:
The Dow is up 1,127.41 points, or 9.2 percent.
The S&P is up 174.96 points, or 13.9 percent.
The Nasdaq is up 446.63 points, or 17.1 percent.
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