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US stocks close lower amid earnings, data (Lead)

Friday - October 13, 2017 7:24 am , Category : BUSINESS
 US stocks close lower amid earnings, data (Lead)
US stocks close lower amid earnings, data (Lead)

New York Oct 13 (IANS) US stocks closed lower as investors digested third quarter earnings reports as well as latest economic data.



The Dow Jones Industrial Average on Thursday lost 31.88 points or 0.14 per cent to 22 841.01 Xinhua news agency reported.

The S&P 500 was down 4.31 points or 0.17 per cent to 2 550.93. The Nasdaq Composite Index decreased 12.04 points or 0.18 per cent to 6 591.51.

JP Morgan Chase reported quarterly earnings per share of $1.76 and net revenue of $26.2 billion beating market expectations.

However investors were concerned about the banking giant s 27-per cent year-over-year decline in fixed income trading revenue.

Citigroup also reported better-than-expected earnings. Its earnings per diluted share in the third quarter reached $1.42 while the revenues stood at $18.2 billion.

Meanwhile shares of Equifax declined 1.53 per cent after the company said it is investigating another possible cyberbreach.

On the economic front the Labor Department said its producer price index for final demand increased 0.4 per cent last month after rising 0.2 per cent in August. In the 12 months through September the index rose 2.6 per cent.

In a separate report the department said the advance figure for seasonally adjusted initial claims was 243 000 in the week ending October 7 a decrease of 15 000 from the previous week s revised level.

The four-week moving average was 257 500 a decrease of 9 500 from the previous week s revised average said the department.

--IANS
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