Stocks Fell for Fifth Straight Day

U.S. stocks fell for a fifth straight day on Thursday as bank results disappointed and investors fretted over the potential impact of global economic weakness on U.S. earnings.The Dow Jones industrial average fell 106.38 points, or 0.61%, to 17,320.71. The S&P 500 lost 18.60 points, or 0.92%, to 1,992.67. The Nasdaq Composite dropped 68.50 points, or 1.48%, to 4,570.82.

Citigroup (C) reported fourth quarter earnings that fell short of expectations after the bank lowered its guidance a month ago. The nation’s third largest bank by assets reported 6-cents in earnings per share (EPS) on revenue of $17.8 billion, missing analyst estimates of a 9-cent profit on $18.5 billion in revenue

The Swiss central bank stunned global markets on Thursday by abandoning a crucial part of its three-year effort to hold down the value of its national currency against the ever-weakening euro.

Intel Corp.reported net income for the quarter ended Dec. 27 of $3.66 billion, or 74 cents per share, compared with a profit in the year-earlier period of $2.63 billion, or 51 cents a share. Revenue rose to $14.72 billion from $13.83 billion.

Crude-oil futures settled sharply lower Thursday, erasing a surge higher that followed the Swiss National Bank’s decision to scrap a cap on its currency. West Texas Intermediate crude oil for February delivery fell $2.23, or 4.6%, to settle at $46.25 a barrel after trading as high as
$51.27.