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US stocks extend losses despite Amazon, Exxon earnings beats

US stocks sank Friday, extending the previous day's sharp losses despite better-than-expected quarterly earnings from ExxonMobil and Amazon.

The Dow was pulled down mainly by a 3.0 percent fall in shares of Walmart, the world's largest retail chain, that came on the heels of a disappointing March report on consumer spending showing Americans are keeping tight hold on their wallets.

The Commerce Department reported Friday that US consumers spent just 0.1 percent more than February, despite enjoying higher incomes.

After 40 minutes of trade, the Dow Jones Industrial Average was down 0.7 percent at 17,714.51.

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The broad-based S&P 500 fell 0.6 percent to 2,063.01, while the tech-heavy Nasdaq Composite Index dropped 0.6 percent to 4,775.74.

ExxonMobil said its first-quarter earnings dived 63 percent due to plunging oil prices, but earnings per share were better than expected. The Dow member's shares rose 0.9 percent.

Online giant Amazon jumped 10 percent after reporting a swing into profit from a year ago for the first quarter to $513 million, racking up a fourth consecutive profitable quarter.

Besides Amazon, online travel giant Expedia and LinkedIn, the professional online network, also beat earnings forecasts, Patrick O'Hare at Briefing.com noted. Expedia shares leaped 8.3 percent and LinkedIn rose 4.7 percent.

"Notwithstanding their good reports, there hasn't been much of a halo effect for the broader market, which seems still to be getting over the shock of yesterday's late, and persistent, tide of selling interest," he said.

Heavyweight Apple continued to tumble after billionaire investor Carl Icahn announced Thursday he had sold his investment. Apple shares fell 1.3 percent after suffering a hefty 3.1 percent loss the prior day.