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