US stocks sink in midday trading; BofA and Citigroup fall after reporting weak results

NEW YORK, N.Y. – Stocks are falling in midday trading following disappointing results from Bank of America, Citigroup and other companies.

Radio Shack plunged 24 per cent Thursday following a report that the struggling electronics retailer could file for bankruptcy. Target rose 2 per cent after the company said it would close its stores in Canada.

The Swiss franc soared after the country’s central bank abandoned an increasingly expensive policy to limit the currency’s rise.

The Dow Jones industrial average fell 54 points, or 0.3 per cent, to 17,372 as of 11:45 a.m. Eastern time.

The Standard & Poor’s 500 index fell four points, 0.2 per cent, to 2,007. The Nasdaq composite fell 10 points, or 0.2 per cent, to 4,629.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.79 per cent from 1.86 per cent.