Stocks end week with gains; GE rises, Intel falls
NEW YORK — Better earnings from General Electric and Morgan Stanley helped the stock market inch higher on Friday, as major indexes closed out their third straight week of gains.
GE led the 30 stocks in the Dow Jones industrial average as the conglomerate reported stronger quarterly earnings, thanks to orders from Brazil, Angola and other developing countries. Profits increased at all seven of its industrial segments, including oil and gas, energy management, aviation and transportation. GE climbed 74 cents to close at $22.04.
The Dow gained 53.68 points to end at 13,649.70.
The Standard & Poor's 500 index rose 5.04 points to 1,485.98, while the Nasdaq composite fell 1.30 points to 3,134.70.
Though investors had plenty of news to digest, trading was largely quiet.
“Earnings always matter,” said Rex Macey, chief investment officer at Wilmington Trust Investment Advisors in Atlanta. “But just because we're in the middle of earnings season doesn't mean we're going to get huge market moves.”
This earnings season is off to a good start. Of the 67 companies in the S&P 500 that have reported, 43 have trumped analysts' estimates.
Solid results this week from JPMorgan Chase and others, along with encouraging news on housing and employment, pushed the S&P 500 index to its latest five-year high.
Morgan Stanley's earnings surged across its many business lines, as more companies hired the investment bank to help it raise money and line up mergers. Morgan Stanley gained 8 percent, rising $1.63 to $22.38.
Intel, the world's biggest chipmaker, said late Thursday that fourth-quarter net income fell 27 percent. A growing preference for smartphones and tablets, instead of personal computers and laptops powered by Intel chips, have made investors wary of the company's stock. It lost $1.43 to end at $21.25.
Five companies raised a total of $1.8 billion through initial public offerings this week, making it the best week for IPOs since early October, according to the data provider Ipreo.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Car dealerships turn advertising, sales focus to women
- How to stand out, succeed in short-tenure jobs
- Dollar’s strength bruises companies
- Tips for parents helping child buy a home
- Hackers cash in on online payday loans
- Jump in home loans, trading commissions lead to profitable 1st quarter for banks
- U.S. oil, natural gas rig count drops by 34 to 954