Stocks drop on profit worry

22/04/2008 - 14:44

NEW YORK (Reuters) - Stocks opened lower on Tuesday as disappointing profits and outlooks from companies including health insurer UnitedHealth Group Inc heightened worries about the economy.

Reduced profit projections by brokerages for Bank of America Corp pressured bank stocks.

The Dow Jones industrial average <.DJI> dropped 54.64 points, or 0.43 percent, to 12,770.38. The Standard & Poor's 500 Index <.SPX> shed 6.37 points, or 0.46 percent, to 1,381.80. The Nasdaq Composite Index <.IXIC> declined 13.68 points, or 0.57 percent, to 2,394.36.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)

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