* Existing home sales slide in June
* Ford's wider-than-expected loss disappoints
* Oil prices halt decline, jobless claims swell
* Dow off 1.1 pct, S&P 500 off 1.1 pct, Nasdaq off 1 pct
(Updates to midmorning)
By Ellis Mnyandu
NEW YORK, July 24 (Reuters) - U.S. stocks slid on Thursday
as major earnings disappointed, oil prices halted their decline
and data showing weakness in the economy added to concerns
about the profit outlook.
A wider-than-expected quarterly loss at Ford Motor Co <F.N>
and a profit miss at Dow Chemical <DOW.N>, the largest U.S.
chemical maker, helped to halt stocks' two-day bounce.
Brokerage downgrades of bellwethers Boeing Co <BA.N>, down
more than 5 percent, McDonald's Corp <MCD.N>, off more than 2
percent and AT&T <T.N>, off nearly 3 percent, generated more
headwinds.
U.S. crude futures, which had sunk to a seven-week low,
were seesawing between negative and positive territory, trading
at about $125 a barrel.
The halt in oil's decline seemed to be weighing on the
market, said Richard Sparks, senior equities analyst at
Schaeffer's Investment Research in Cincinnati, Ohio. "I think
maybe the expectations for a continued fall aren't being met
today, and that's putting some pressure on stocks today."
The Dow Jones industrial average <> fell 134.75 points,
or 1.16 percent, to 11,497.63. The Standard & Poor's 500 Index
<.SPX> was down 14.69 points, or 1.15 percent, at 1,267.50. The
Nasdaq Composite Index <> was down 23.40 points, or 1.01
percent, at 2,302.48.
Automaker Ford Motor Co <F.N> posted an $8.7 billion
quarterly loss and cautioned it did not expect to see a U.S.
economic turnaround until 2010. []. Ford shares
slid nearly 6 percent to $5.67 on the New York Stock Exchange.
Shares of Dow Chemical fell nearly 1 percent after the
company reported earnings, saying price increases did not
completely offset a sharp spike in its energy and raw materials
costs. [].
Plane maker Boeing's shares fell to $63.09 after analysts
cut their price targets on Boeing and slashed the stocks'
rating.
Shares of AT&T, the largest U.S. telecommunications
company, declined to $32.30 after JPMorgan cut its rating on
the stock.
On Nasdaq, Apple Inc <AAPL.O>, the maker of the iPod and
iPhone, led declines, falling more than 2 percent to $162.11.
On the economic front, government data showed a
larger-than-expected increase in the number of people filing
for unemployment benefits in the latest week, adding to
concerns about a slowing labor market.
A report by the National Association of Realtors (NAR)
showed existing home sales in June notched a
steeper-than-expected decline. The Dow Jones home construction
index <.DJUSHB> fell more than 5 percent.
Shares of Ryland Group Inc <RYL.N> slumped nearly 14
percent to $22.80 after the No. 9 U.S. home builder, posted a
wider-than-expected quarterly loss.
(Additional reporting by Kristina Cooke, Editing by Kenneth
Barry)
