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U.S. stocks extend losses on downbeat earning reports

Xinhua, February 1, 2017 Adjust font size:

U.S. stocks traded lower in the morning session Tuesday as investors digested a batch of negative quarterly results from notable companies.

By midday, the Dow Jones Industrial Average dipped 161.97 points, or 0.81 percent, to 19,809.16. The S&P 500 lost 12.38 points, or 0.54 percent, to 2,268.52. The Nasdaq Composite Index decreased 35.93 points, or 0.64 percent, to 5,577.78.

Shares of Under Armour Inc. sank over 21 percent around midday Tuesday after the sportswear company posted disappointing quarterly results and said its chief finance officer is leaving the company.

Shares of Pfizer Inc. traded slightly higher around midday Tuesday after the drug giant delivered fourth-quarter earnings below market consensus and revenues in line with forecasts.

Shares of United Parcel Service (UPS) plunged about 7 percent around midday Tuesday after the package delivery company reported lackluster quarterly earnings and gave weak full-year guidance.

On the economic front, the Conference Board Consumer Confidence Index came in at 111.8, down from 113.3 in December and missing market expectations of 122.2.

The Federal Reserve was also in the spotlight, which kicks off its two-day policy meeting Tuesday. Analysts widely hold that the Fed won't hike rates at this meeting, but it will still be watched closely for more clues on the timing a next rate increase.

At its December meeting, the U.S. central bank raised the benchmark interest rate by 25 basis points, the first and only time in 2016, and indicated a faster rate hike pace next year. Enditem