And we move on now to your money and a jolt to american 401(k)s. If you checked the markets you saw the downward spiral. The dow tumbling more than 240 points, the worst day since june. So what is... See More
And we move on now to your money and a jolt to american 401(k)s. If you checked the markets you saw the downward spiral. The dow tumbling more than 240 points, the worst day since june. So what is going on? Abc's sharyn alfonsi tells us. Reporter: That closing bell sounded like the end of a prize fight but there was no winner today. Stocks tumbled across the board after a series of low earnings reports from some big household names. FIRST CHEMICALMAKER DuPONT Reported a 98% drop in profit, declining sales across the world and announced it will cut 1,500 jobs then xerox reported earnings down too 12%. Consumer products giant 3m scaled down future earnings projection sending the stock south. And add to that unrest in spain today. European debt concerns that had been on the back burn are rearing their ugly head after moody's downgraded spain's credit rating. The market went into free fall. THE AVERAGE 401(k) DROPPING Nearly $1300 today. Investors say another round of earnings reports in a too close to call election could make for a bumpy month ahead for investors. Probably not a bad time to assess just how much risk you HAVE IN THAT 401(k) AND TRY TO Think about being a little more defensive heading into 2013. Reporter: So, again, if you have the courage to peek at your 401(k) TONIGHT YOU PROBABLY Noticed it took a hit. More than $1200 on average but member the market is still up for the year, so the average 401(k) IS UP TOO ABOUT $9500. And the days and weeks ahead the market will be watching at&t, exxon and boeing reporting so hold on. It could be a bumpy ride, diane. Up and down all the way to the election. Thank you, sharyn.
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