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U.S. stocks drift lower amid earnings reports

Xinhua, October 26, 2016 Adjust font size:

U.S. stocks traded lower around midday Tuesday as Wall Street digested a slew of earnings reports from notable companies.

By noon, the Dow Jones Industrial Average fell 44.58 points, or 0.24 percent, to 18,178.45. The S&P 500 lost 6.79 points, or 0.32 percent, to 2,144.54. The Nasdaq Composite Index decreased 23.14 points, or 0.44 percent, to 5,286.69.

Shares of Whirlpool Corp. sank over 11 percent around midday Tuesday after the U.S. appliance maker reported worse-than-expected quarterly results and issued a downbeat outlook.

Merck & Co., Inc. rose about 1 percent around midday Tuesday after the drug maker posted third-quarter earnings report that beat market estimates.

Shares of Procter & Gamble jumped nearly 4 percent around midday Tuesday following the release of the consumer goods giant's better-than-expected quarterly results.

Shares of Caterpillar Inc. dipped more than 1 percent around midday Tuesday as the construction and mining equipment maker lowering its full-year revenue outlook for the second time.

On the economic front, the Conference Board Consumer Confidence Index declined from 103.5 in September to 98.6 in October, missing market consensus.

On Monday, U.S. stocks ended higher as investors digested positive earnings reports as well as corporate merger announcements. Endite