NEW YORK Sam Darnold Womens Jersey , April 11 (Xinhua) -- U.S. stocks lost ground after choppy trading Friday, following Thursday's market rout triggered by heaving selling on tech shares, as investors mulled a pair of mixed earnings from notable banks.
In midday trading, the Dow Jones Industrial Average dropped 60. 83 points, or 0.38 percent, to 16,109.39. The S&P 500 lost 4.40 points, or 0.24 percent, to 1,828.68. The Nasdaq Composite Index shed 7.90 points, or 0.19 percent, to 4,046.21.
The market moved lower at the open, as JPMorgan Chase & Co., the largest U.S. bank by assets, and Wells Fargo & Company, the biggest mortgage lender in the country, released their earnings results before the opening bell, setting a mixed tone for the banking industry in the new earnings season.
JPMorgan Chase & Co. said Friday that its net income slumped 19 percent to 5.3 billion U.S. dollars, or 1.28 dollars per share, as revenue declined 8 percent to 23.9 billion dollars. In response to the disappointing results, the bank's shares fell 3.19 percent to trade at 55.57 dollars apiece in midday.
Wells Fargo & Company reported record net income of 5.9 billion dollars for the first quarter, up 14 percent from a year ago, and its earnings per share came in at 1.05 dollars. However, total quarterly revenue of the also biggest U.S. bank by market value fell 3 percent to 20.6 billion dollars from the prior year. Wells Fargo shares rose 1.51 percent to trade at 48.43 dollars apiece in midday, reversing from an earlier loss.
According to Thomson Reuters' latest data, blended earnings growth of S&P 500 companies is estimated to be 0.9 percent in the first quarter, while revenue is forecast to rise 2.7 percent.
The market then staged seesaw morning trading, as investors struggled to shrug off negative sentiment, which rocked the tech- rich Nasdaq on the previous trading day with the biggest one-day loss in nearly two years and a half.
After leading the market's bullish run last year, technology and biotech companies had undergone a significant pullback recently, as investors continued adjusting their positions on high- growth tech stocks amid tech-bubble concerns.
The three major indices are on track to end the week in negative territory, after the blue-chip Dow and the broader S&P 500 rallied to record territory the previous week.
On the economic front, the U.S. Producer Price Index jumped 0.5 percent in March on a seasonally adjusted basis, said the Labor Department on Friday, indicating some buildup of inflation in the country.
Other data showed that U.S. consumer sentiment rose to 82.6 in April, the highest in nine months, according to the preliminary reading of a survey by Thomson ReutersUniversity of Michigan.
MOGADISHU， March 15 (Xinhua) -- The EU anti-piracy taskforce and experts have confirmed an oil tanker was hijacked off the coast of Somalia on Monday， raising fears of a return of Somali pirates after almost five years.
The EU Naval Force Somalia said the Comoros-flagged tanker， Aris 13， disappeared off the coast of the east African nation on Monday.
"The EU Naval Force， which is currently operating off the coast of Somalia， has received positive confirmation from the master of the Comoros-flagged tanker， Aris 13， that his ship and crew are currently being held captive by a number of suspected armed pirates in an anchorage off the north coast of Puntland， close to Alula，" the naval force said in a statement on Tuesday night.