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Stocks down on weak earnings reports

A weak batch of quarterly earnings reports is sending the stock market lower in early trading.

In the first hour on Wall Street, The Dow Jones industrial average was down 98.5 points, about 0.5 percent, at 17,942.3. The Standard & Poor's 500 index fell 14 points, about 0.7 percent, to 2,092.8. The Nasdaq composite fell 41.4 points, or 0.8 percent, to 4,982.

The price of U.S. benchmark crude oil was up 9 cents, about 0.2 percent, at $58.67 in morning trading on the New York Mercantile Exchange.

Harman International, which makes audio systems for cars, Varian Medical Systems and Celgene all dropped in early trading Thursday after their revenue fell short of analysts' estimates.

Bond prices fell after some mostly encouraging news on the U.S. economy, including a drop in claims for unemployment benefits.

The yield on the 10-year Treasury note rose to 2.08 percent.

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