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U.S stocks fall on earnings, manufacturing data; Dow drops 0.56%

Published 04/18/2013, 04:19 PM
Updated 04/18/2013, 04:20 PM

Investing.com - A weaker-than-expected regional manufacturing index and lackluster earnings sent U.S. stocks falling on Thursday on fears the U.S. recovery may limp along in the near future.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.56%, the S&P 500 index fell 0.67%, while the Nasdaq Composite index fell 1.20%.

The Federal Reserve's Philly manufacturing index came in at 1.3 for April compared to 2.0 in March, defying expectations for a 3.0 reading.

The numbers came days after a similar Fed index for New York State also failed to live up to market expectations and fueled talk the U.S. central bank won't rush to dismantle stimulus programs that weaken the greenback to spur investing, job creation and recovery.

Elsewhere in the U.S., the Department of Labor reported earlier that the number of individuals filing for initial jobless benefits last week rose by 4,000 to 352,000, surpassing market calls for an increase of 2,000 to 350,000.

Jobless claims for the preceding week were revised up by 2,000 to 348,000.

Elsewhere, first-quarter earnings disappointed investors.

UnitedHealth and EBay released earnings that fell short of some market forecasts, though the day wasn't all bad news, as Morgan Stanley and PepsiCo beat expectations.

Stocks trimmed earlier losses on sentiments that the Federal Reserve may consider holding off on dismantling stimulus programs in place, which tend to send stocks rising by design.

Leading Dow Jones Industrial Average performers included Verizon Communications, up 2.79%, Intel, up 1.46%, and American Express, up 1.43%.

The Dow Jones Industrial Average's worst performers included UnitedHealth Group, down 3.76%, Bank of America, down 2.31%, and Wal-Mart Stores, down 1.72%.

European indices, meanwhile, finished mixed.

After the close of European trade, the EURO STOXX 50 rose 0.08%, France's CAC 40 rose 0.10%, while Germany's DAX 30 finished down 0.39%. Meanwhile, in the U.K. the FTSE 100 fell 0.01%.









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