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Friday, October 19, 2012

US Stocks fall after Google disappoints (ext.CNN)

NEW YORK (CNNMoney) -- U.S. stocks fell Thursday as investors focused on the latest corporate results -- particularly weaker-than-expected Google earnings that were released prematurely -- and mixed economic data.

"The early release by Google dampened the overall tone and had an impact on the broader indices," said Ryan Larson, a senior equity trader at RBC Global Asset Management. 

Separately, the Philadelphia branch of the Federal Reserve said manufacturing activity improved in the district during October.

"Jobless claims are certainly a factor," said Dan Greenhaus, market strategist at brokerage BTIG in New York. "But the China data dominated the early morning conversation."

Earlier, the Chinese government said economic growth slowed last quarter to its lowest level since early 2009. China's economy rose at a 7.4% annual rate in the third quarter, the National Bureau of Statistics said Wednesday. China's economy had grown at a 7.6% rate in the prior quarter.

Meanwhile, investors will be on the lookout for any news out of a two-day summit of European leaders in Brussels. Leaders are expected to discuss proposed reforms of the banking sector and more integrated budget policies.

European stocks ended higher. Britain's FTSE 100 rose 0.2%, the DAX in Germany added 0.6%, while France's CAC 40 gained 0.6%.

Currencies and commodities: The dollar slipped against the euro and the British pound, but rose against the Japanese yen.

Oil for November delivery fell 2 cents to settle at $92.10 a barrel.

Gold futures for December delivery slid $8.30 to end at $1,744.70 an ounce.

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