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U.S. stocks end mixed on earnings fears, Dow up 0.02%

Stock MarketsOct 12, 2012 04:19PM ET
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Investing.com - U.S. stock ended mixed to lower on Friday, as investors shrugged off solid consumer sentiment data and JPMorgan Chase earnings, selling on fears that overall earnings will disappoint as headwinds build in front of the global economy.

At the close of U.S. trading, the Dow Jones Industrial Average rose 0.02%, the S&P 500 index was down 0.30%, while the Nasdaq Composite index was down 0.17%.

In the U.S., the University of Michigan/Reuters consumer sentiment index for October rose unexpectedly, climbing to a seasonally adjusted 83.1 from 78.3 in September.

Analysts had expected consumer sentiment to fall to 78.0.
Also in the U.S., producer price inflation rose more than expected in September, official data showed on Friday.

In a report, the Department of Labor said that it producer price index rose a seasonally adjusted 1.1% from 1.7% in August.

Analysts had expected the figure to rise 0.7% last month.

Solid earnings broke as well.

JPMorgan Chase, meanwhile, reported record net income for the third quarter 2012 at USD5.7 billion, compared with net income of USD4.3 billion in the third quarter of 2011.

Earnings per share hit a record USD1.40, compared with USD1.02 in the third quarter of 2011.

Still, traders sold as the closing bell approached over fears the earnings will more likely disappoint than surprise.

Ongoing concerns that the global economy faces building headwinds sent stocks falling.

Leading Dow Jones Industrial Average performers included Boeing, up 1.44%, Hewlett-Packard, up 1.12%, and Wal-Mart Stores, up 1.08%.

The Dow Jones Industrial Average's worst performers included Bank of America, down 2.36%, AT&T,  down 1.74%, and Verizon Communications, down 1.28%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.72%, France's CAC 40 fell 0.72% as well, while Germany's DAX 30 finished down 0.68%. Meanwhile, in the U.K. the FTSE 100 fell 0.62%.    







U.S. stocks end mixed on earnings fears, Dow up 0.02%
 

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