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A trader works at the New York Stock Exchange in New York, the United States, on April 13, 2018. U.S. stocks closed lower on Friday as investors digested the latest earnings reports and economic data. The Dow Jones Industrial Average lost 122.91 points, or 0.50 percent, to 24,360.14. The S&P 500 erased 7.69 points, or 0.29 percent, to 2,656.30. The Nasdaq Composite Index was down 33.60 points, or 0.47 percent, to 7,106.65. (Xinhua/Qin Lang)

NEW YORK, April 13 (Xinhua) -- U.S. stocks closed lower on Friday as investors digested the latest earnings reports and economic data.

The Dow Jones Industrial Average lost 122.91 points, or 0.50 percent, to 24,360.14. The S&P 500 erased 7.69 points, or 0.29 percent, to 2,656.30. The Nasdaq Composite Index was down 33.60 points, or 0.47 percent, to 7,106.65.

Citigroup, Wells Fargo and J.P. Morgan Chase all reported quarterly earnings and revenue that surpassed analyst expectations.

J.P. Morgan Chase reported earnings per share of 2.37 U.S. dollars, higher than analyst estimate of 2.28 dollars. Citigroup reported earnings per share of 1.68 dollars and its first-quarter revenue reached 18.9 billion dollars. Wells Fargo reported diluted earnings per share of 1.12 dollars, and revenue of 21.9 billion dollars.

Expectations for this earnings season are high. First-quarter earnings are expected to increase 18.6 percent from the first quarter last year. Excluding the energy sector, the earnings growth is estimated to reach 16.9 percent, according to Thomson Reuters.

So far, the earnings season is off to a good start. Of the 26 companies in the S&P 500 that have reported earnings to date, 70 percent have reported earnings above analyst expectations. This is above the long-term average of 64 percent.

In addition, 76.7 percent of companies have reported revenue above analyst expectations. This is above the long-term average of 60 percent.

On the economic front, consumer sentiment slipped in early April, largely reversing the gains recorded in the prior two months.

The University of Michigan's mid-month report on consumer attitudes about the economy inched down to 97.8 in mid-April, lower than economist expectations.