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, General Motors Co GM.N, Caterpillar Inc CAT.N and 3M MMM.N, 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, Alphabet GOOGL.O, Amazon AMZN.O and Boeing BA.N.

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