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U.S. stocks tumble amid earnings, falling oil

Xinhua, May 4, 2016 Adjust font size:

U.S. stocks ended sharply lower Tuesday as investors digested quarterly earnings reports amid declining oil prices.

The Dow Jones Industrial Average dipped 178.13 points, or 1.00 percent, to 17,713.03. The S&P 500 lost 20.53 points, or 0.99 percent, to 2,060.90. The Nasdaq Composite Index moved down 52.69 points, or 1.09 percent, to 4,764.90.

Pfizer Inc. reported the first quarter 2016 earnings of 3.02 billion U.S. dollars, or 49 cents a share, compared with 2.38 billion dollars, or 38 cents a share, in the same period last year.

Following the release of the better-than-expected quarterly earnings, the drug giant's shares jumped 2.74 percent to 33.70 dollars apiece Tuesday.

Shares of American International Group, Inc. (AIG) decreased 1.15 percent to 55.94 dollars apiece Tuesday after the U.S. insurer delivered quarterly results well below market estimates.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the first quarter of 2016 are expected to decrease 5.4 percent year on year, while the revenue is forecast to decline 1.6 percent.

Meanwhile, oil prices continued to slide Tuesday as rising output from the Middle East renewed concerns about a global supply glut.

Overseas, European equities suffered big losses Tuesday as lackluster earnings reports from notable banks weighed on the market. German benchmark DAX index at Frankfurt Stock Exchange dropped 1.94 percent, while British benchmark FTSE 100 Index lost 0.90 percent.

In Asia, Chinese shares surged Tuesday, with the benchmark Shanghai Composite Index going up 1.85 percent to 2,992.64 points. Endit