Wednesday
October
01
2014
1:16 am
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

Stocks stall in late afternoon amid earnings
July 25, 2014, 05:00 AM By Ken Sweet The Associated

NEW YORK — Only Wall Street could make the buying and selling of more than 3 billion shares look like nothing happened.

Major U.S. stock indexes ended roughly where they began Thursday, despite investors having to work through a busy day of corporate earnings and two economic reports.

Underneath the flat surface, there was a lot of movement in individual companies. “It’s a stock-specific market right now,” said Ryan Larson, head of equity trading at RBC Global Asset Management.

Facebook’s stock rose 5 percent while Caterpillar’s fell 3 percent after the companies each reported quarterly results.

The Dow Jones industrial average edged down 2.83 points, or 0.02 percent, to close at 17,083.80. It was the fourth-smallest point move in the blue chips this year. The Nasdaq fell 1.59 points, or 0.4 percent, to 4,472.11.

The Standard & Poor’s 500 index managed to rise 0.97 of a point, or 0.05 percent, to 1,987.98 — a record, though barely. The day before, the S&P 500 closed at 1,987.01.

Three billion shares changed hands on the New York Stock Exchange Thursday, a quieter-than-average day.

Facebook rose $3.69 to $74.98 after announcing a profit that trounced investors’ expectations. The company reported an adjusted profit of 42 cents per share versus the 33 cents analysts were looking for, according to a poll by Zacks Investment Research. Mobile advertising, a crucial business for the world’s largest social media company, saw major growth.

“It was a very impressive quarter on top of what we believe were very high Street expectations,” said Paul Vogel, an analyst with Barclays Capital, in a note to investors.

Dow member Caterpillar fell $3.34 to $105.04, making it the biggest decliner among the 30 companies that make up the average. The equipment maker’s quarterly revenue fell short of forecasts.

Homebuilder stocks slid after the government reported that new home sales sagged 8.1 percent last month. The report also revised down the May sales rate.

Shares of Pulte Homes and KB Home fell 3 percent while Toll Brothers fell 4 percent. D.R. Horton quarterly results also dragged down homebuilders. Its profit dropped, and the stock price fell $2.86, or 12 percent, to $21.94.

Another industry that got a lot of attention was autos. Ford rose 6 cents, or 0.3 percent, to $17.84 after reporting a 6 percent increase in second-quarter profit. The automaker was helped by increased sales in Europe. General Motors fell $1.67, or 4.5 percent, to $35.74 after announcing an 85-percent drop in quarterly earnings. The company is in the midst of the worst recall crisis in its history.

Investors got some good news about jobs. The Labor Department reported weekly applications for unemployment aid dropped 19,000 to a seasonally adjusted 284,000 claims. That’s the lowest reading since February 2006, nearly two years before the Great Recession began.

In other markets, the yield on the 10-year Treasury note nudged up to 2.51 percent from 2.47 percent late Wednesday. Bond yields rise when prices fall. U.S. crude oil fell $1.05, or 1 percent, to $102.07 a barrel in New York.

 

 

Tags: percent, stock, after, reported, quarterly, profit,


Other stories from today:

Visa posts higher 3Q profit, revenue
Airlines report big 2Q profits on strong demand
Stocks stall in late afternoon amid earnings
 

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


 
 
 
Daily Journal Quick Poll
 
What do you think of the new statewide plastic bag ban?

It's great, we need to get rid of them
Doesn't matter around here, they are already banned
Don't like it
Hope it starts a nationwide trend
Don't like it, but whatever

 

 
 
 
 
 
 
California becomes first state to ban plastic bags
SACRAMENTO — Gov. Jerry Brown on Tuesday signed legislation imposing the nation's first statewide ..
EBay to split off lucrative PayPal business
NEW YORK — EBay is splitting off its fastest growing segment, payment service PayPal, the e-commer..
Obama, Modi say they will set new US-India agenda
WASHINGTON — President Barack Obama and India's new Prime Minister Narendra Modi said Tuesday that..
Hong Kong leader rejects protesters' demands
HONG KONG — Pro-democracy protesters demanded that Hong Kong's top leader meet with them, threaten..
White House front door now locks automatically
WASHINGTON — Secret Service Director Julia Pierson says the front door to the White House now lock..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
South San Francisco news