Stocks Opened Lower, Lost Momentum
U.S. stocks opened lower on Friday, retreating from record levels for a second straight session. The Dow Jones Industrial Average lately declined 54.58 points, or 0.26%, to 20,565.19. The S&P 500 was down 5.01 points, or 0.21%, to 2,342.21. The Nasdaq Composite fell 5.93 points, or 0.10%, to 5,808.97.
Fannie Mae said Friday that it will pay the U.S. Treasury a $5.5 billion dividend next month after its profit doubled in its latest quarter. Fannie Mae said it had net income of $5.04 billion in the fourth quarter, up from $2.5 billion in the same period a year ago. For all of 2016, The company reported net income of $12.31 billion, up from $10.95 billion in 2015.
Campbell Soup Co reported lower-than-expected quarterly sales on Friday, hurt by weak demand for its V8 beverages, broth and condensed soups. The company reported a 1.4 percent fall in net sales to $2.17 billion. Net income attributable to Campbell fell to $101 million, or 33 cents per share, in the quarter, from $265 million, or 85 cents per share, a year earlier.
J.M. Smucker Co said full-year sales may fall more than it had previously anticipated as its Folgers coffee and pet snacks businesses face pressure from rising competition and commodity costs. Smucker’s U.S. coffee sales fell 7 percent in the third quarter ended Jan. 31, while profit dropped 12 percent.
Accenture Plc said on Friday it would create 15,000 jobs in the United States, as IT services firms brace for a more protectionist U.S. technology visa program under President Donald Trump.