NEW YORK: Stocks fell for a second consecutive session Thursday as the busiest day yet for first-quarter earnings yielded disappointments from online auctioneer eBay Inc. and insurer UnitedHealth Group Inc.
The S&P 500 index lost 10.40 points, or 0.7 percent, to 1,541.61.
Looking at the 83 S&P 500 companies that have reported so far, there is “positive growth, but the rate of year-over-year quarterly earnings growth has decelerated, so it’s creating a little bit of a growth scare. I think it’s going to prove temporary,” said Nick Raich, CEO at the Earnings Scout.
The Dow Jones industrial average fell 81.45 points, or 0.6 percent, to 14,537.14, with UnitedHealth Group leading declines among its 30 components.
Verizon Communications Inc. rose 2.8 percent as an increase in wireless customers had it topping profit estimates.
The Nasdaq composite shed 38.31 points, or 1.2 percent, to end at 3,166.36.