U.S. stocks close lower as earnings season kicks off

NEW YORK, Jan. 13 (Xinhua) -- U.S. equities retreated on Tuesday as the fourth-quarter earnings season commenced with disappointing results from a major banking institution, overshadowed by ongoing policy debates and fresh inflation data.

The Dow Jones Industrial Average dropped 398.21 points, or 0.8 percent, to 49,191.99. The S&P 500 fell 13.53 points, or 0.19 percent, to 6,963.74, and the Nasdaq Composite