American stocks fall as earnings disappoint
NEW YORK — Disappointing company earnings and falling oil prices pulled stocks back from record highs on Tuesday.
NRG Energy slumped after the company lowered its earnings forecast, leading other power companies lower. News Corp. fell after the media company posted an unexpected revenue decline due to weakness at its Australian newspapers. Energy stocks fell after oil dropped to a five-month low.
Winners included airlines. The gains were led by JetBlue Airways, after the Justice Department said it cleared the way for American Airlines and US Airways to merge, creating the world’s biggest airline.
This year’s 24 percent surge in the stock market has slowed in November. The Standard & Poor’s 500 has edged up 0.6 percent this month after an average monthly increase of 1.7 percent in the previous 10 months.
After closing at an alltime high on three of the previous four trading days, the Dow Jones industrial average fell 32.43 points, or 0.2 percent, to 15,750.67. The S&P 500 index dropped 4.20 points, or 0.2 percent, to 1,767 points. The Nasdaq composite edged up 0.13 point to 3 ,919.9 2 .
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