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Business

US stocks close lower amid earnings

New York, Oct 23


US stocks closed lower as investors digested a batch of corporate earnings reports.

On Tuesday, the Dow Jones Industrial Average decreased 39.54 points, or 0.15 percent, to 26,788.10. The S&P 500 fell 10.73 points, or 0.36 percent, to 2,995.99. The Nasdaq Composite Index erased 58.69 points, or 0.72 percent, to 8,104.30, Xinhua news agency reported.

McDonald's on Tuesday posted GAAP diluted earnings per share of 2.11 US dollars and consolidated revenues of 5.4 billion dollars, both missing analysts' expectations.

Shares of the fast food chain giant plunged more than 5 per cent to close at 199.27 dollars apiece.

Procter & Gamble posted strong quarterly earnings that topped analysts' expectations. Its core earnings per share increased 22 per cent to 1.37 US dollars and its net sales reached 17.8 billion dollars, up 7 per cent from the prior year.