ALSO READDoubts over U.S. bank capital payouts may cloud strong earnings Citigroup reports $18 billion loss on one-time tax items JPMorgan rolls out $20 billion investment plan after tax law gains Citigroup profit beats estimates on consumer banking strength Citigroup profit beats on strength in consumer banking, equity trading
US stocks closed lower on Friday as investors digested the latest earnings reports and economic data.
The Nasdaq Composite Index was down 33.60 points, or 0.47 per cent, to 7,106.65.
Wells Fargo reported diluted earnings per share of $1.12, and revenue of $21.9 billion.
In addition, 76.7 per cent of companies have reported revenue above analyst expectations. This is above the long-term average of 60 per cent.
On the economic front, consumer sentiment slipped in early April, largely reversing the gains recorded in the prior two months.
The University of Michigan's mid-month report on consumer attitudes about the economy inched down to 97.8 in mid-April, lower than economist expectations.
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