New York: US stocks closed lower on Friday as investors digested the latest earnings reports and economic data.
The Dow Jones Industrial Average lost 122.91 points, or 0.50 per cent, to 24,360.14. The S&P 500 erased 7.69 points, or 0.29 per cent, to 2,656.30, Xinhua news agency reported.
The Nasdaq Composite Index was down 33.60 points, or 0.47 per cent, to 7,106.65.
Citigroup, Wells Fargo and J.P. Morgan Chase all reported quarterly earnings and revenue that surpassed analyst expectations.
J.P. Morgan Chase reported earnings per share of $2.37, higher than analyst estimate of $2.28. Citigroup reported earnings per share of $1.68 and its first-quarter revenue reached $18.9 billion.
Wells Fargo reported diluted earnings per share of $1.12, and revenue of $21.9 billion.
In addition, 76.7 per cent of companies have reported revenue above analyst expectations. This is above the long-term average of 60 per cent.
On the economic front, consumer sentiment slipped in early April, largely reversing the gains recorded in the prior two months.
The University of Michigan’s mid-month report on consumer attitudes about the economy inched down to 97.8 in mid-April, lower than economist expectations.