U.S. stocks close lower amid mixed corporate news

0 Comment(s)Print E-mail Xinhua, October 19, 2019
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NEW YORK, Oct. 18 (Xinhua) -- U.S. stocks ended lower on Friday, as Wall Street digested a host of corporate performance results and mixed company news in first week of the third-quarter earnings season.

The Dow Jones Industrial Average fell 255.68 points, or 0.95 percent, to 26,770.20. The S&P 500 was down 11.75 points, or 0.39 percent, to 2,986.20. The Nasdaq Composite Index decreased 67.31 points, or 0.83 percent, to 8,089.54.

Six of the 11 primary S&P 500 sectors traded lower around the closing bell, with the industrials sector down 0.72 percent, leading the winners.

Shares of Johnson & Johnson fell 6.22 percent, weighing on the blue-chip Dow Jones Industrial Average, amid news that the company has been recalling baby powder possibly with asbestos.

The company said it has been working with the Food and Drug Administration in relevant investigation.

Shares of Coca-Cola rose 1.84 percent, after the beverage giant reported stronger-than-expected revenues in the third quarter (Q3). It also raised its revenue guidance for 2019.

So far, among the over 70 S&P 500 companies that released quarterly earnings, 81 percent registered results above market expectations, according to FactSet.

However, analysts expected the overall S&P 500 earnings for Q3 would shrink by 3.1 percent, according to financial data provider Refinitiv. Enditem

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