US stocks trade mixed in morning session

New York, April 16 (IANS) The US stocks traded mixed on Friday, as investors assessed declines in oil prices and the newly-released quarterly corporate earnings.

By noon, the Dow Jones Industrial Average ticked down 6.95 points, or 0.04 percent, to 17,919.48. The S&P 500 lost 0.98 points, or 0.05 percent, to 2,081.80. The Nasdaq Composite Index was up 1.40 points, or 0.03 percent, to 4,947.29, Xinhua news agency reported.

Energy traded lower as the greatest laggard in the S&P 500, as the US crude oil futures were off more than three percent in morning trade on Friday.

On the economic front, the US industrial production decreased 0.6 percent in March for a second month in a row, according to the Fed on Friday.

In corporate news, Citigroup reported on Friday first quarter 2016 net income of $3.5 billion, or $1.10 per diluted share, on revenues of $17.6 billion. Both the bank’s earnings and revenue topped expectations. Shares of Citi rose 0.64 percent to 45.27 around midday trading.

Dollar falls against most major currencies

New York, April 16 (IANS) The US dollar decreased against most major currencies on Friday as economic data from the country came out negative.

In late New York trading, the euro rose to $1.1285 from $1.1267 in the previous session, while the dollar bought 108.71 Japanese yen, lower than 109.26 in the previous session, Xinhua news agency reported.

Crude prices extend loss ahead of key meeting

New York, April 16 (IANS) Oil prices continued to drop ahead of a meeting among crude producers scheduled for Sunday in Doha, Qatar.

At least 18 crude production countries will attend the meeting in Doha this Sunday to discuss freezing crude output at January levels, Xinhua news agency reported.

An Iran official said before the meeting that the country will reject any limits on its output before reaching pre-sanctions levels.

Global oil supplies sank by 0.3 million barrels per day in March to 96.1 million barrels per day, according to the oil market report released Thursday by the International Energy Agency.

The West Texas Intermediate for May delivery moved down $1.14 to settle at $40.36 a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 74 cents to close at $43.1 a barrel on the London ICE Futures Exchange.

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