(28 July 2017 (EST), Westchester.news12.com online, by STAN CHOE, AP Business Writer)
‘NEW YORK (AP) – Stock markets around the world sagged on Friday after FANGand other big companies reported quarterly results that underwhelmed investors.
‘The Standard & Poor’s 500 index lost 3.32 points, or 0.1 percent, to 2,472.10 and closed a week packed with corporate earnings reports almost exactly where it started. It set a record during the middle of it. The Dow Jones industrial average gained 33.76 points, or 0.2 percent, to 21,830.31 and set another all-time high. The Nasdaq composite fell 7.51, or 0.1 percent, to 6,374.68. A little more than half the companies in the S&P 500 have now shown how much profit they made during the spring, and the results have been mostly encouraging.
‘Earnings for the index are on pace to be about 9 percent higher than a year earlier, according to FactSet. But expectations were high coming into the reporting season, and the few companies that have fallen short of forecasts have seen their stock prices punished. Amazon dropped $25.96, or 2.5 percent, to $1,020.04 after its profit missed expectations. Its forecast for operating income this fiscal year was also below many analysts’ forecasts, though revenue for the latest quarter beat expectations.’
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