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New York - US stocks finished a bit lower on Thursday as oil prices retreated and disappointing earnings from Travelers and some other companies offset a strong report from American Express.
US oil prices, which hit a 15-month peak on Tuesday, retreated due to profit-taking, analysts said.
Earnings released on Thursday were mixed, but Travelers, Verizon and eBay were among the companies that fell following disappointing reports.
The Dow Jones Industrial Average dipped 0.2% to 18,162.35.
The broad-based S&P 500 shed 0.1% to 2,141.34, while the tech-rich Nasdaq Composite Index declined 0.1% to 5,241.83.
Meanwhile, American Express jumped 9.0% as it lifted its full-year forecast following better-than-expected third quarter net profits. The outlook boosted hopes the credit card company was moving past the hit it received from ending partnerships with Costco and Fidelity Investments.
Travelers, another Dow component, slumped 5.8% after reporting that third quarter net profit fell 29.6% to $716 million. Results suggested claim payouts were increasing more quickly than premiums, indicating a weaker profit outlook, analysts said.
Online marketplace eBay plummeted 10.8% on disappointment over its sales outlook for the key holiday quarter. Analysts also said the company's efforts to reposition its platform were taking longer than expected.
Dow member Verizon dropped 2.5% as third quarter net income fell 10.2% to $3.8 billion as it cited the hit from the recall and subsequent cancelation of the Samsung Galaxy Note 7 smartphone. The results also showed the drag from intensifying competition among wireless providers.
Walgreens Boots Alliance rose 5.0% as it reported better-than-expected fourth quarter earnings and said it was delaying the time-frame for closing its deal to acquire rival pharmacy chain Rite Aid. The deal is now expected to close by January 27, 2017 instead of October 27, 2016. Rite Aid rose 6.8%.
