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Stocks little changed after mixed earnings

April 24, 2013 • Business


Specialist Michael Pistillo, right, works on the floor of the New York Stock Exchange Wednesday, April 24, 2013. Stock indexes are little changed in early trading on Wall Street following mixed earnings results from Apple, Ford, Boeing and other major U.S. companies. (AP Photo/Richard Drew)

NEW YORK (AP) — The stock market finished pretty much where it started Wednesday as a mixed bag of earnings from big-name American companies left investors uninspired.

The Dow closed down 43.16 points, or 0.3 percent, at 14,676.30. The Standard & Poor’s 500 index — the market’s most widely used barometer —was flat at 1,578.79.

In other markets, the price of oil soared, posting its biggest gain this year. The price of gold and the yield on the benchmark 10-year Treasury rose.

The Dow was held back by big drops in Procter & Gamble and AT&T. P&G issued a weak quarterly profit forecast and AT&T lost subscribers from its contract-based plans for the first time.

But other companies impressed investors and boosted their stock prices with strong quarterly earnings: Defense contractor General Dynamics and airplane maker Boeing easily beat expectations from financial analysts.

While the majority of corporations have delivered profits that were better than expected in the first quarter, their revenue hasn’t been as impressive, suggesting Login to read more

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