Arab Today, arab today us stocks close mixed as tech stocks fall
Last Updated : GMT 15:33:38
Arab Today, arab today
Arab Today, arab today

US stocks close mixed as tech stocks fall

Arab Today, arab today

Arab Today, arab today US stocks close mixed as tech stocks fall

New York - AFP

US stocks ended mixed Friday after strong earnings from some industrial companies were countered by feeble results from Microsoft and other technology companies. The Dow Jones Industrial Average finished down a scant 4.80 (0.03 percent) to 15,543.74. The broad-based S&P 500 added 2.72 (0.16 percent) at 1,692.09, while the tech-rich Nasdaq Composite Index fell 23.66 (0.66) to 3,587.61. With no significant economic reports, Friday\'s trade was dominated by earnings results. Although weak revenue growth remains a concern, earnings are \"basically on track,\" said Peter Cardillo of Rockwell Capital Management. \"Companies are still making money in a very modest growth environment with the world economy under pressure.\" However, some of the most prominent tech companies faltered. Dow member Microsoft plummeted 11.4 percent after taking a $900 million charge on its Surface tablet computer, where sales have disappointed analysts. Profits came in at $2.61 per share, below the $2.75 expected by the market. Google dropped 1.6 percent after reporting earnings of $9.56 per share, well below the $10.78 estimated. Net income rose 16 percent from a year earlier. Advanced Micro Devices sank 13.2 percent after the chip maker reported a loss of 10 cents per share instead of the 2 cent-loss projected by Wall Street. Revenues also missed expectations. The negative vibes on tech stocks also infected other companies, including Dow members IBM (down 2.3 percent) and Hewlett-Packard (down 4.5 percent). Dow member General Electric shot up 4.6 percent after giving a sunny outlook on industrial conditions in the US and reaffirming its targets for profit-margin improvement. Earnings matched expectations. Honeywell rose 0.7 percent after earnings came in at $1.28 per share, up 7 cents from expectations. The company also raised some of its full-year profit estimates based on improving conditions in some industrial segments. Home appliance maker Whirlpool jumped 8.0 percent after raising its full-year profit forecast and resuming its share repurchase program amid strong product demand. Oil services giant Schlumberger jumped 5.4 percent after beating earnings expectations and announcing a new $10 billion share repurchase program. The company gave an upbeat outlook based on increasing capital spending in the petroleum sector. But Schlumberger\'s rival, Baker Hughes, fell 2.6 percent after missing earnings expectations. The company cited weak performance in Latin America. Bond prices rose. The yield on the 10-year US Treasury bond fell to 2.49 percent from 2.53 percent Thursday, while the 30-year dropped to 3.57 percent from 3.63 percent. Bond prices and yields move inversely.

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