U.S. stocks erase week's gain on disappointing consumer data, revenue

15:11, July 17, 2010      

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Wall Street fell sharply on Friday, erasing the whole week's gains, after newly released results from big companies and a gauge of consumer sentiment fell short of market expectation.

The University of Michigan's index of consumer sentiment fell to 66.5 in early July from 76, showing consumers were less optimistic about the economic recovery amid high unemployment rate.

Meanwhile, results from some major companies cast shadows over the market.

Citigroup settled down 6.25 after reporting second-quarter results that showed profits dropped 38 percent to 2.73 billion U.S. dollars, or 9 cents per share. Revenues fell 33 percent, more than analysts' average estimates.

Bank of America, the nation's largest lender by assets, tumbled 9.16 percent to end at 13.98 dollars per share, as it disappointed investors with its lackluster performance across nearly all business lines. Most notably, the bank said its trading profits fell to 1.2 billion dollars in the second quarter, 75 percent lower than 5 billion dollars in the first quarter.

General Electric reported a second-quarter profit of 30 cents a share, surpassing estimates for earnings of 27 cents a share. However, the company's share fell the most since May as its revenue failed to meet expectations.
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