Published: Sat, October 14, 2017
Finance | By Loren Pratt

United States stocks close lower amid earnings, data

United States stocks close lower amid earnings, data

JPMorgan Chase and Citigroup both did better than analysts expected in the third quarter, but their stocks fell and so did shares of other banks.

Corporate earnings for the S&P 500 have grown 6.1 percent, 15.5 percent and 10.8 percent in the fourth quarter of past year and the first and second quarters of 2017, respectively.

Meanwhile, shares of Equifax declined 1.53 percent after the company said it is investigating another possible cyberbreach. The Standard & Poor's 500 closed at 2,550.93 for a loss of 4.31 points or 0.17%.

The CBOE volatility index.VIX remains at historically depressed levels, closing at 9.61 on Friday.

The Nasdaq Composite .IXIC added 14.29 points, or 0.22 percent, to 6,605.80, a record closing high.

Using Nasdaq as the proxy tech index, technology stocks have outperformed the broader market indices - Dow Jones Industrial Average and S&P 500 - so far this year.

But Wells Fargo (WFC.N) tumbled 2.8 percent after it reported lower-than-expected revenue for the fourth straight quarter due to a decline in mortgage banking revenue. Its earnings per diluted share in the third quarter reached 1.42 dollars while the revenues stood at 18.2 billion dollars.

On the economic front, the Labor Department said its producer price index for final demand increased 0.4 percent last month after rising 0.2 percent in August. That compares with the 6.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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