US stocks fell on Tuesday weighed by disappointing blue chip earnings, including 3M and Johnson & Johnson, ahead of US President Barack Obama's State of the Union speech. Six Dow components have reported results since the close of trading on Monday, including J&J, 3M Co, DuPont and American Express Co.
Shares of diversified manufacturer 3M fell 2.6 percent to $87.98 as results barely topped estimates, apparently displeasing investors wowed by recent earnings blowouts from other industrial names. J&J said US sales of consumer products fell sharply, and forecast 2011 earnings below expectations, sending its shares down 2 percent to $61. The Dow Jones industrial average dropped 51.35 points, or 0.43 percent, to 11,929.17. The Standard & Poor's 500 Index fell 6.06 points, or 0.47 percent, to 1,284.78. The Nasdaq Composite Index lost 14.17 points, or 0.52 percent, to 2,703.38.
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