2:58 pm

  Local News
  State / National / World
  Opinion / Letters
  Arts / Entertainment
  Submit Event
  Comics / Games
  DJ Designers
  Advertise With Us
  About Us
Mixed day on Wall Street
January 22, 2014, 05:00 AM The Associated Press

NEW YORK — The Standard & Poor’s 500 index logged a small gain Tuesday on a mixed day for the stock market.

Health-care giant Johnson & Johnson slipped after it warned that pressure to keep prices low would likely mean slightly lower profits than forecast. Delta Air Lines gained after reporting a better-than-expected profit in the fourth quarter as fares and traffic rose.

Company earnings were the main focus for investors Tuesday as there were no major economic releases. So far, the stock market has failed to get a big lift from earnings reports and investors appear to be assessing the results more critically than they did a year ago.

“Earnings are coming in and, candidly, we’re getting a mixture picture for the fourth quarter so far,” said Jim Russell, an investment director at U.S. Bank.

The Standard & Poor’s 500 rose 5.10 points, or 0.3 percent, to 1,843.80. The Dow Jones industrial average fell 44.12 points, or 0.3 percent, to 16,414.44. The Nasdaq composite edged up 28.18 points, or 0.7 percent, to 4,225.76.

J&J, one of the 30 members of the Dow, slipped $1.03, or 1.1 percent, to $94.03, helping pull the index lower. Another Dow component, Verizon Communications, fell after reporting its own earnings.

Among the day’s winners were Dow Chemical and Alcoa.

Dow Chemical rose $2.86, or 6.6 percent, to $45.93 after hedge fund Third Point LLC said Tuesday that it has acquired a significant stake in the company and wants it to spin off its petrochemicals division.

Alcoa surged 77 cents, or 6.8 percent, to $12.13 after analysts at JPMorgan raised their price target for the stock, predicting Alcoa will benefit from tightening aluminum markets.

After surging almost 30 percent last year, stocks are starting the year in a more subdued fashion. The S&P 500 is down 0.3 percent for the year.

In bond trading, the yield on the 10-year Treasury note rose to 2.83 percent from 2.82 percent on Friday. U.S. markets were closed Monday for the Martin Luther King Jr. Day holiday.

Among other stocks making big moves:

• Delta increased $1.01, or 3 percent, to $32.08 after reporting a better-than-expected profit in the fourth quarter as fares and traffic rose. The airline’s president said demand was strong, and forecast that profit margins would increase in the current quarter.

• Expedia dropped $3.02, or 4.2 percent, to $67.67 after a blog Search Engine Land reported Expedia online visibility fell dramatically, and cited actions taken by Google to punish companies that it believes are trying to game its search algorithms. Officials from Expedia did not immediately respond to requests for comment from The Associated Press.



Tags: percent, after, earnings, quarter, reporting, profit,

Other stories from today:


Print this Page Print this Page  |  Bookmark and Share
<< Back
Return To Archives

Daily Journal Quick Poll
What do you do to protect yourself from identity theft?

Never buy anything online
Only make purchases from trusted websites
Pay with cash when I can
Change my passwords often
Have an identity theft protection service
Not enough


McCarthy withdraws candidacy for speaker
WASHINGTON — In a stunning move, Majority Leader Kevin McCarthy on Thursday withdrew his candidacy..
Clinton server hack attempts came from China, Korea, Germany
WASHINGTON — Hillary Rodham Clinton's private email server, containing an electronic inventory of ..
US airman who helped thwart French train attack is stabbed
SACRAMENTO — Airman 1st Class Spencer Stone, who was hailed as a hero for helping to tackle a gunm..
Syrian general says Russian strikes aid ground offensive
DAMASCUS, Syria — Syria's top general on Thursday said Russian strikes had helped government force..
More >>  

©2015 San Mateo Daily Journal
San Mateo County advertising