U.S. stocks closed mixed Tuesday as investors digested a batch of generally negative quarterly results from notable companies. The Dow Jones Industrial Average fell 107.04 points, or 0.54 percent, to 19,864.09. The S&P 500 dipped 2.03 points, or 0.09 percent, to 2,278.87. The Nasdaq Composite Index edged up 1.07 points, or 0.02 percent, to 5,614.79. Shares of Under Armour Inc. sank 23.40 percent to 19.22 U.S. dollars apiece Tuesday after the sportswear company posted disappointing quarterly results and said its chief finance officer is leaving the company.
Shares of Pfizer Inc. rose 1.34 percent to 31.73 dollars apiece Tuesday after the drug giant delivered fourth-quarter earnings below market consensus and revenues in line with forecasts. Shares of United Parcel Service (UPS) plunged 6.75 percent to 109.13 dollars apiece Tuesday after the package delivery company reported lackluster quarterly earnings and gave weak full-year guidance. The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the fourth quarter of 2016 are expected to rise 7.1 percent year on year, while the revenues are forecast to increase 4.2 percent.
On the economic front, the Conference Board Consumer Confidence Index came in at 111.8, down from 113.3 in December and missing market expectations of 122.2. The Federal Reserve was also in the spotlight, which kicks off its two-day policy meeting Tuesday. Analysts widely hold that the Fed won't hike rates at this meeting, but it will still be watched closely for more clues on the timing a next rate increase. At its December meeting, the U.S. central bank raised the benchmark interest rate by 25 basis points, the first and only time in 2016, and indicated a faster rate hike pace in 2017.
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