21-Jan: The US market ended the week with heavy losses, as both GE and Citigroup failed to meet investor expectations in their latest earnings reports.
Despite an increase in sales, Motorola was also unable to satisfy investors after producing a reduced profit outlook.
A sharp rise in energy prices compounded the impact of the results.
The Dow finished trade down 1.59 per cent, the S & P 500 ended 1.5 per cent lower and the Nasdaq slumped 2.01 per cent.
The yield on the 10 year treasury note ended the week down at 4.36 per cent.
Crude Oil was up $1.46 to $68.65 on the back of increasing concerns about Iran's proposed reumption of the use of nuclear weaponry and threats of a terrorist attack on the US in the latest Al-Qaeda reocrdings.
In Japan, the Nikkei finished trade steday, follwing a week of fluctuations that saw the index lose over 300 points in a single day before a quick recovery compensated for the losses.
The other Asian markets were mixed, with the Hang Seng down 0.05 per cent and Straights Times up 10 points.
In Europe, the Markets finished trade lower.
Germany's DAX 30 index was the hardest hit, shedding 1.51 per cent, France's CAC 40 index was down by 0.84 percent and in the UK's FTSE 100 index dipped 0.37 per cent.
This is the second lots of bluechip earning disappointment in one week. It looks like we will have a few more of these. Get ready for a choppy period.