US stocks ease on earnings results

NEW YORK (AP) — The stock market is lower in early trading after online retail giant Amazon posted a quarterly loss.

The Dow Jones industrial average lost 102 points, or 0.6 percent, to 16,981 shortly after the market opened Friday The Standard & Poor’s 500 index slipped six points, or 0.3 percent, to 1,981. The Nasdaq composite fell 25 points, or 0.6 percent, to 4,446.

Amazon’s stock slumped $38.15, or 11 percent, to $320.46 after it reported a wider loss late Thursday than analysts had forecast. The company’s expenses outpaced a surge in revenue.

Investor seemed to shrug some good news about the U.S. economy. Orders for long-lasting manufactured goods rebounded in June, helped by rising demand for commercial aircraft and machinery.

Major markets in Europe also traded lower.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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