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U.S. stocks fall amid earnings reports

Xinhua, April 18, 2017 Adjust font size:

U.S. stocks fell on Tuesday after earnings report missed estimates.

The Dow Jones Industrial Average was down 113.23 points, or 0.55 percent, to 20,523.69. The S&P 500 lost 6.82 points, or 0.29 percent, to 2,342.19. The Nasdaq Composite Index shed 7.32 points, or 0.12 percent, to 5,849.47.

Shares of Goldman Sachs tumbled over 4.5 percent around midday Tuesday, after it reported weaker-than-expected first-quarter results.

The Goldman Sachs reported net revenues of 8.03 billion U.S. dollars and net earnings of 2.26 billion dollars for the first quarter 2017. Diluted earnings per common share were 5.15 dollars.

Bank of America posted quarterly net income of 4.9 billion dollars, and earnings per share of 41 cents, topping Wall Street expectations.

On the economic front, U.S. privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,205,000, the Commerce Department said Tuesday.

This is 6.8 percent below the revised February estimate, but is 9.2 percent above the March 2016 rate.

U.S. industrial production increased 0.5 percent in March after moving up 0.1 percent in February, in line with estimates, the Federal Reserve reported. Endit