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Stocks Waver on Wall Street, Near Recor01/16 10:03
Stocks wavered in morning trading on Wall Street Friday as the first week of
corporate earnings season closes out with markets trading near record levels.
NEW YORK (AP) -- Stocks wavered in morning trading on Wall Street Friday as
the first week of corporate earnings season closes out with markets trading
near record levels.
The S&P 500 rose 0.1%. The Dow Jones Industrial Average fell 83 points, or
0.2%, as of 10:07 a.m. Eastern. The Nasdaq composite rose 0.2%.
Technology stocks were doing the heavy lifting for the broader market. Most
stocks within the S&P 500 were losing ground, but several big technology stocks
made strong gains and countered losses elsewhere.
Nvidia rose 1.3% and Broadcom rose 1.8%. They are among several Big Tech
companies with outsized valuations that often push the market higher or lower.
A handful of regional U.S. banks reported their earnings following mixed
reports from their larger peers. Pittsburgh's PNC jumped 3.8% after it beat
Wall Street's fourth-quarter targets, but Regions Financial fell 2.9% after
reporting results that missed forecasts.
Outside of the banking sector, transport company J.B. Hunt Transport
Services fell 1.5% after reporting mixed quarterly financial results.
Crude oil prices rose after dropping sharply on Thursday. The price of U.S.
crude oil rose 1% to $59.76 and the price of Brent crude, the international
standard, rose 1% to $64.39.
Treasury yields moved higher in the bond market. The yield on the 10-year
Treasury rose to 4.19% from 4.17% late Thursday.
European markets fell, and markets in Asia were mixed. Taiwan's benchmark
index rose 1.9% after its government signed a trade deal with the U.S. China,
which claims the self-governed island as its own territory, protested the
agreement.
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