Earnings from Bank of America, General Electric

Dow industrial firms: Bank of America

Bank of America Corp. lost more than $2.2 billion in the third quarter as loan losses kept rising, providing more evidence that consumers are still struggling to pay their bills.

The nation's second-largest bank said it wrote down loans on its books by almost $10 billion during the July-September period, up almost $1 billion from the second quarter.

The bank also added $2.1 billion to its reserves to cover bad loans, bringing its provision for credit losses to $11.7 billion. The bank's total allowance for loan and lease losses totals $35.83 billion.

Bank of America said it lost $2.24 billion, or 26 cents per share, after accounting for the preferred dividends of $1.24 billion. That compared with earnings of $704 million, or 15 cents per share, a year earlier.

Revenue in the quarter increased 33 percent to $26.04 billion.

The loss was 5 cents more per share than the 21 cents forecast by analysts surveyed by Thomson Reuters Inc.

Investors sent Bank of America shares down 84 cents, or 4.6 percent, to $17.26.

-- The Associated Press

General Electric

General Electric Co.'s troubled financial unit dragged down third-quarter earnings 44 percent, overshadowing gains in divisions that make power plant turbines and household appliances.

The results from one of the world's largest companies show the spotty strength of the global economy.

GE's quarterly profit fell to $2.4 billion, or 23 cents per share, hurt by sharply lower earnings at its GE Capital arm, which loans money for businesses ranging from credit cards to shopping centers. A year earlier, the company earned $4.3 billion, or 43 cents a share.

GE's overall revenue dropped 20 percent to $37.8 billion, coming up short of Wall Street expectations.

Shares of GE fell 73 cents, or nearly 4.3 percent, to $16.06.

-- The Associated Press