Stock market down sharply after earnings reports

Stocks down sharply amid mixed earnings reports
DAVID K. RANDALL,AP Business Writer

NEW YORK (AP) — Stocks are opening sharply lower following a flurry of mixed earnings reports from corporate heavyweights.

Disappointing news from Apple and IBM are pushing technology shares down early Tuesday. Both beat earnings forecasts, but they also said profitability was falling for key business lines.

It's a busy week for investors, as 113 companies in the Standard and Poor's index of 500 companies report earnings.

In the opening minutes of trading, the Dow Jones industrial average is down 122, or 1 percent, at 11,023.

The Standard & Poor's 500 index is down 14, or 1.2 percent, at 1,171, while the Nasdaq is down 40, or 1.6 percent, at 2,440.