Market Roundup
Dow +122.10 to 16,912.29
S&P +15.91 to 1,995.83
NASDAQ +42.79 to 4,791.15
10-YR Yield +0.03 to 2.06%
Gold -$1.40 to $1,145.00
Oil -$0.46 to $48.56
It’s one of Wall Street’s storied adages: Earnings are the “Mother’s Milk” of stock prices. But if that’s the case, the bulls are going to need a new cow … stat!

I say that because the early warnings we got from the likes of FedEx (FDX), Hewlett Packard (HPQ) and Caterpillar (CAT) are being followed up by even more disappointments from a wide swath of Corporate America.

DuPont (DD) kicked things off late Monday when it warned that full-year operating earnings would come in at just $2.75 a share — compared with a previous forecast of $3.10 a share. Sales plunged 11% in the second quarter amid weakness in emerging markets, agricultural product demand and foreign exchange-related losses.

To read the rest of Mike Larson’s Afternoon Edition, click here ...