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U.S. Stocks Close Lower as Earnings Disappoint - Oct. 26

U.S. stocks closed lower on Friday, trimming gains in the previous session as earnings of some big tech names disappointed investors.

The Dow Jones Industrial Average fell 296.24 points, or 1.19 percent, to 24,688.31. The S&P 500 fell 46.88 points, or 1.73 percent, to 2,658.69. The Nasdaq Composite Index was down 151.12 points, or 2.06 percent, to 7,167.21.

Amazon registered diluted earnings per share of 5.75 U.S. dollars and revenue of 56.58 billion dollars. The company gave fourth-quarter revenue guidance in the range of 66.5 billion dollars and 72.5 billion dollars, well below Wall Street's estimates.

Alphabet reported third-quarter earnings per share of 13.06 dollars and revenue of 33.7 billion dollars.

Earnings for both companies topped analyst estimates, but revenues fell short.

On the economic front, the Commerce Department said on Friday that the U.S. gross domestic product expanded at an annual rate of 3.5 percent according to the advance estimate. This is higher than the 3.4 percent rate estimated by economists.

The personal consumption expenditures, a key measure of inflation increased by 1.6 percent last quarter, said the department.

The University of Michigan's monthly survey of consumers hit 98.6 in the final reading of October, weaker than anticipated.

(www.chinaview.cn 2018-10-29)