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Roundup: U.S. stocks end mildly lower amid earnings, data

Xinhua, October 21, 2015 Adjust font size:

U.S. stocks closed lower after wavering in a narrow range Tuesday, as investors digested a string of corporate earnings reports and U.S. housing starts data.

The Dow Jones Industrial Average edged down 13.43 points, or 0.08 percent, to 17,217.11. The S&P 500 fell 2.89 points, or 0.14 percent, to 2,030.77. The Nasdaq Composite Index dipped 24.50 points, or 0.50 percent, to 4,880.97.

Shares of IBM slumped 5.75 percent to 140.64 U.S. dollars apiece after the company's bigger-than-expected fall in quarterly revenue reinforced concerns that the corporate's profit outlook is getting murkier.

IBM announced 3.02 dollars per share for its third-quarter 2015 diluted earnings from continuing operations, down 13 percent year on year.

Verizon Communications Inc. shares rose 1.21 percent to 45.24 dollars apiece after the company posted better-than-expected quarterly results. The largest U.S. wireless carrier reported third-quarter 2015 earnings of 99 cents per share, compared with earnings of 89 cents per share in third-quarter 2014.

United Technologies Corp. jumped 3.88 percent to 95.62 dollars a share Tuesday after the release of its quarterly earnings that topped market estimates. The aerospace company also revealed a 12-billion-dollar stock buyback plan.

On the economic front, U.S. privately-owned housing starts in September were at a seasonally adjusted annual rate of 1.206 million, well above market expectations, said the Commerce Department Tuesday.

"The increase in starts in September indicates construction is catching up with authorization, which will serve to bring new homes to the market in the coming months," said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note.

Overseas, Asian stocks markets closed mostly higher Tuesday, with Chinese benchmark Shanghai Composite Index and Japan's 225-issue Nikkei Stock Average gaining 1.14 percent and 0.29 percent, respectively.

European equities largely declined Tuesday, with French benchmark index CAC 40 going down 0.64 percent, as earnings reports dominated investor sentiment.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, increased 5.14 percent to end at 15.75 Tuesday.

In other markets, the U.S. dollar traded mixed against other major currencies amid strong economic data from the country.

In late New York trading, the euro rose to 1.1339 dollars from 1.1326 dollars in the previous session, while the U.S. dollar bought 119.92 Japanese yen, higher than 119.43 yen of the previous session.

U.S. oil price dropped as traders awaited the U.S. inventory data.

Gold futures on the COMEX division of the New York Mercantile Exchange rose as the U.S. dollar weakened against the euro ahead of the European Central Bank (ECB) meeting.

The most active gold contract for December delivery rose 4.70 U.S. dollars, or 0.40 percent, to settle at 1,177.50 dollars per ounce. Endit