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 October 12, 2017 - 10:35 AM EDT
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Traders Mull Earnings, Drive Indexes Lower
Traders Mull Earnings, Drive Indexes Lower

U.S. stocks traded slightly lower on Thursday, pulling back from record highs, as Wall Street digested earnings from some of the top financial companies.

The Dow Jones Industrials lost 18.03 points from Wednesday's all-time high to 22,854.86, with Goldman Sachs contributing the most to the losses.

The S&P 500 backtracked 1.89 points from Wednesday's peak to 2,553.35, with telecommunications and consumer discretionary leading decliners.

Equities have risen sharply this year, with the S&P 500 advancing 14% in that time period.

The NASDAQ inched ahead 0.66 points to improve on Wednesday's record high to 6,604.21

JPMorgan Chase reported third-quarter earnings and revenue that beat analyst expectations. The banking giant, however, also reported a 27% year-over-year decline in fixed income trading revenue.

Citigroup also posted better-than-expected quarterly results, driven by growth in its global consumer business.

Other major financial companies slated to report this week include Bank of America and Wells Fargo.

Historically, this earnings season has been the best one for investors. Some media reported the S&P 500 posts a gain of 2.3% on average 30 days after third-quarter earnings season begins, trading in positive ranges 79% of the time.

Wall Street also set its sights on economic data Wednesday. The U.S. Labor Department said producer prices south of the line rose 0.4% last month and 2.6% in the 12 months through September.

Meanwhile, weekly jobless claims totaled 243,000, hitting a more than one-month low, the department also said.

Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.34% from Wednesday's 2.35%. Treasury prices and yields move in opposite directions.

Oil prices skidded 96 cents a barrel to $50.34 U.S.

Gold prices gained $4.10 to $1,293.00 U.S. an ounce

Source: Livemoney (October 12, 2017 - 10:35 AM EDT)

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