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U.S. stocks fluctuate narrowly amid earnings, data

Xinhua, October 28, 2015 Adjust font size:

U.S. stocks traded mildly lower around midday Tuesday as investors were meditating on a batch of quarterly earnings amid downbeat economic data.

By noon, the Dow Jones Industrial Average fell 48.24 points, or 0.27 percent, to 17,574.81. The S&P 500 decreased 8.55 points, or 0.41 percent, to 2,062.63. The Nasdaq Composite Index lost 8.73 points, or 0.17 percent, to 5,025.97.

Before Tuesday's opening bell, the Chinese e-commerce giant Alibaba reported revenues of 3.5 billion dollars for the quarter ended Sept. 30, an increase of 32 percent from a year ago, beating market estimates. Its shares surged more than 4 percent around midday.

Pfizer Inc. jumped over 2 percent around midday after the company posted better-than-expected third-quarter results and raised its full-year outlook.

The drug giant reported the third-quarter 2015 diluted earnings of 0.34 dollar per share on revenues of 12.1 billion dollars, compared with earnings of 0.42 dollar per share on revenues of 12.4 billion dollars a year ago.

Shares of United Parcel Service Inc. dipped over 3 percent around midday Tuesday after the package delivery company reported quarterly earnings above expectations but revenues short of estimates.

On the economic front, U.S. new orders for manufactured durable goods in September decreased 2.9 billion U.S. dollars, or 1.2 percent, to 231.1 billion dollars, the Department of Commerce announced Tuesday.

Meanwhile, the Conference Board Consumer Confidence Index came in at 97.6 in October, down from 102.6 in September, missing market consensus of 102.5.

Investors keep cautious as the U.S. Federal Reserve's two-day policy meeting begins Tuesday. Some analysts expect that the Fed will start its first interest rate hike in almost nine years in December if the American economy does not slow significantly.

On Monday, U.S. stocks closed mixed after wavering in a tight range, as Wall Street digested quarterly earnings and economic data ahead of the Federal Reserve's policy meeting. Endit