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Asia Stocks Fall On US Earnings Worries, Spain

Wall Street stocks dropped Wednesday. The Dow Jones industrial average fell 1 percent to 13,344.97. The Standard & Poor's 500 index lost 0.6 percent to 1,432.56. The Nasdaq composite index dropped 0.4 percent to 3,051.78.

The U.S. quarterly earnings season is expected to be the weakest in three years. Analysts project that companies in the S&P 500 will collectively report third-quarter earnings that are 1 percent lower compared with the same quarter of last year.

Chevron, the second-largest U.S. oil company, has warned that slumping oil prices and production would cause earnings to be "substantially lower."

Benchmark crude for November delivery was up 26 cents to $91.50 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.14 to finish at $91.25 per barrel on the Nymex on Wednesday.

In currencies, the euro fell to $1.2848 from $1.2897 late Wednesday in New York. The dollar fell to 78.09 yen from 78.19 yen.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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