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U.S. stocks close mixed amid earnings, Fed speeches

Xinhua, May 9, 2017 Adjust font size:

U.S. stocks closed mixed Tuesday as investors digested Fed official's speeches and awaited a slew of first-quarter earnings reports.

The Dow Jones Industrial Average lost 36.50 points, or 0.17 percent, to 20,975.78. The S&P 500 erased 2.46 points, or 0.10 percent, to 2,396.92. The Nasdaq Composite Index increased 17.93 points, or 0.29 percent, to 6,120.59.

Boston Federal Reserve Bank President Eric Rosengren warned U.S. lawmakers on Tuesday that any reforms that reduce the massive lending presence of mortgage giants Fannie Mae and Freddie Mac in the multi-family real estate market could shock that sector of the economy, according to a report from Reuters.

The report said Rosengren also warned about the inflationary pressures if U.S. unemployment were to drop much further.

Dallas Federal Reserve Bank President Robert Kaplan was scheduled to deliver a speech at 4:15 p.m. on Tuesday.

Investors have been closely watching speeches of Fed officials for hints about the upcoming policy decision.

The Fed left its benchmark interest rates unchanged last week as it waited for more data to assess the U.S. economic outlook. But the Fed policymakers hinted at a possible rate hike in June.

Market expectations for a June rate hike were 87.7 percent, according to the CME Group's FedWatch tool Tuesday.

In the meantime, the number of job openings was little changed at 5.7 million on the last business day of March, the U.S. Bureau of Labor Statistics reported on Tuesday.

In corporate news, shares of Marriott International Inc. gained 6.13 percent for the day after the company reported better-than-expected earnings on Monday. Its first-quarter diluted earnings per share totaled 0.94 U.S. dollars, an 11 percent increase year-on-year.

Disney, News Corp., and Discovery Communications are among the companies that will report the first-quarter earnings after the bell.

On Monday, the CBOE Volatility Index, widely considered the best gauge of fear in the market, closed down 0.80 point at 9.77, lowest in more than two decades. Endit