Wall Street extended early losses Friday, after General Electric reported disappointing financial results and consumer confidence dropped to 26 year-low.
U.S. consumer sentiment index fell to 63.2 in early April from 69.5 in March, which plunged to its lowest level since March 1982,according to a report from University Michigan/Reuters, as worries about the U.S. economy, labor market and inflation grew up.
Before the confidence report, GE said net income dropped to 4.3billion U.S. dollars for the recent quarter, missing the expectations. The company also lowered outlook for the entire year. The results triggered more fears that hundreds of companies still to report first-quarter results will come in below expectations.
GE is the second Dow Jones component to report full quarterly financial results so far this earnings season after Alcoa.
The Dow Jones fell 144.44 to 12,437.54. Broader indexes also declined. The Standard & Poor's 500 index dipped 14.87 to 1,345.68;and the Nasdaq fell 32.81 to 2,318.89.
Source:Xinhua
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