U.S stocks closed lower despite surprisingly strong Amazon earnings, as signs of slower global growth weighed on sentiment. In U.S. economic news, new home sales showed a decline of 6.8 percent to a seven-month low in June. In international economic news, the Chinese Caixin Markit flash general manufacturing PMI for July came in at 48.2, a 15-month low. The July euro zone flash PMI was 52.2, a two-month low. In corporate news, American Airlines posted earnings that topped expectations on revenue a touch below forecasts. The airline also announced the authorization of an addition $2 billion in share buybacks. Amazon shares traded about 12 percent higher after soaring more than 17 percent in the open to a record after reporting unexpected quarterly profit after the close Thursday. Starbucks and Visa also traded at all-time highs after beating on both the top and bottom line. The dollar trimmed gains, with the euro at $1.098 and the yen at 123.7 yen against the greenback. Light sweet crude oil for September delivery lost 31 cents to $48.14 a barrel on the New York Mercantile Exchange, the lowest level since March 31, while gold futures dropped $8.60 to $1,085.50 an ounce. The Dow Jones industrial average fell 162.79, or 0.92 percent, to 17,569.13. The broader Standard & Poor's 500 index lost 22.34, or 1.06 percent, to 2,079.71. The technology-heavy Nasdaq composite index declined 57.78, or 1.12 percent, to 5,088.63.
