Dow drops 2% on weak earnings; TSX dips

The Dow Jones industrial average dropped more than 350 points by midday Tuesday after several U.S. companies handed in disappointing earnings results. The TSX also slipped, but much less than the New York markets, falling 27 points to 14,771 at midday, in part because of lower copper prices. The Dow was off 353 points or two per cent, to 17,324 after weak earnings from Caterpillar and Microsoft, which are both components of the 30-stock Dow.