Citigroup provided a sobering reminder Thursday that the economy is still struggling, reporting that its third-quarter results were weighed down by billions of dollars in failed loans.

Shares of major cell phone makers dipped Thursday after Finland-based Nokia Corp., the world’s largest mobile phone company, posted a sharp decline in sales for the third quarter.

Goldman Sachs Group Inc.’s third-quarter earnings more than tripled from the depths of the financial crisis as income from the company’s trading operations offset a drop in its investment banking business.

Stocks slipped on Thursday after Goldman Sachs and Citigroup reported quarterly results, but losses were limited after positive oil inventory data helped energy shares.

Major business events and economic events scheduled for Friday: WASHINGTON — Federal Reserve releases industrial production for September, 9:15 a.m.

Investors turned cautious Thursday after earnings reports from Goldman Sachs Group Inc. and Citigroup Inc. stirred worries about the troubles banks still face.

Shares of Petroleum Development Corp. fell Thursday, as an analyst downgraded the oil and gas company’s stock, citing significant recent price appreciation.

American International Group Inc said on Thursday it expects to recognize a loss of about $1.4 billion on the sale of Nan Shan Life Insurance Co, its life insurance unit in Taiwan.

Shares of casino operators with properties in Macau fell Thursday as speculation grew that the government was tightening visa restrictions.

Shares of Lazard Ltd dropped nearly 3 percent on Thursday following news that its chief executive, legendary Wall Street deal maker Bruce Wasserstein, had died at the age of 61.