U.S. stocks slip on earnings, dollar off highs

Tue Oct 25, 2016 4:43pm EDT
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By Hilary Russ

NEW YORK (Reuters) - U.S. stocks fell on disappointing earnings reports on Tuesday, while the U.S. dollar slipped from multi-month highs after Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus.

Oil prices fell more than 1 percent, with U.S. crude breaking below $50 per barrel for a second straight day, ahead of weekly data that could show a build in inventories.

On Wall Street, nine of the eleven sectors in the benchmark S&P 500 stock index closed lower, with housing and consumer products companies among those failing to live up to forecasts on third-quarter earnings.

Shares of some big names, including Whirlpool (WHR.N: Quote), General Motors Co (GM.N: Quote), Caterpillar Inc (CAT.N: Quote) and 3M (MMM.N: Quote), all lost ground.

"We had a rally (Monday) and haven't been able to sustain it, due to weaker-than-expected numbers from some names," said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois. He called the day's earnings report a "mixed bag" for stocks.

Another third of the S&P 500 is scheduled to report earnings this week, including heavyweights Apple (AAPL.O: Quote), Alphabet (GOOGL.O: Quote), Amazon (AMZN.O: Quote) and Boeing (BA.N: Quote).

The Dow Jones industrial average .DJI fell 53.76 points, or 0.3 percent, to 18,169.27, the S&P 500 .SPX lost 8.17 points, or 0.38 percent, to 2,143.16 and the Nasdaq Composite .IXIC dropped 26.43 points, or 0.5 percent, to 5,283.40.

The dollar was a hair lower against a basket of major currencies .DXY after touching an eight-month high.   Continued...

People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015.  REUTERS/Suzanne Plunkett/File photo - RTSKZK9