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American stocks fall as earnings disappoint

Nov. 13, 2013 @ 07:39 AM

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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