US stocks finish lower on mixed earnings

NEW YORK (AFP) - Wall Street stocks Wednesday finished lower following mixed earnings reports as investors looked ahead to major US economic data releases on Thursday.

At the closing bell, the Dow Jones Industrial Average fell 40.91 (0.25 per cent) to 16,634.59.

The broad-based S&P 500 dipped 2.13 (0.11 per cent) to 1,909.78, snapping a two-day streak of record closes.

The tech-rich Nasdaq Composite Index lost 11.99 (0.28 per cent) to 4,225.07.

Apparel retailer Michael Kors Holdings reported a jump in fiscal fourth-quarter profits of nearly 60 per cent compared with last year, while shoe-store chain DSW reported first-quarter earnings of 42 cents per share, six cents below expectations.

Michael Kors rose 1.3 per cent, while DSW sank 27.4 per cent.

With Wednesday’s calendar empty as far as major economic releases, investors were looking ahead to a busier day on Thursday, which features the second estimate of gross domestic product.

Other reports on Thursday include pending home sales and weekly jobless claims.

“Today there is a lack of real catalysts,” said Art Hogan, chief market strategist at Wunderlich Securities. “We are looking ahead to tomorrow.”