TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

S&P 500 marks first weekly loss in July

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Friday, July 26, 2013, 6:03 p.m.
 

NEW YORK — A mixed batch of earnings results gave investors little direction on Friday as traders began looking ahead to a packed schedule next week.

The stock market slumped in early trading, climbed steadily for the rest of the day, then ended with little changed.

Volume was thin as traders prepared for a deluge of potentially market-moving events next week: a Federal Reserve meeting, the government's monthly employment report and much more.

“Traders seem to be erring on the side of caution today,” said Jeffrey Kleintop, the chief market strategist for LPL Financial.

Expedia plunged 27 percent, the worst fall in the Standard & Poor's 500 index. The online travel agency reported earnings late Thursday that badly missed analysts' expectations. Higher costs were the main culprit. Expedia lost $17.80 to $47.20.

The Standard & Poor's 500 index inched up 1.40 points, or 0.08 percent, to 1,691.65. The index ended the week with a tiny loss, the first this month.

The Dow Jones industrial average rose 3.22 points, less than 0.1 percent, to 15,558.83. The Nasdaq composite index edged up 7.98 points, or 0.2 percent, to 3,613.16.

It's halftime in the second-quarter earnings season, and corporate profits are shaping up better than some had feared.

Analysts forecast that earnings for companies in the S&P 500 increased 4.5 percent over the same period in 2012, according to S&P Capital IQ. At the start of July, they predicted earnings would rise 2.8 percent. Nearly seven out of every 10 companies have surpassed Wall Street's profit targets.

Investors often argue that analysts set the bar for earnings so low that most companies are bound to jump over it. On average, more than six of every 10 companies beat Wall Street's targets every quarter.

Subscribe today! Click here for our subscription offers.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Natural gas industry buys share of Super Bowl spotlight
  2. Phelan: Fuel-saving tips for winter driving
  3. Wall Street closes January on down note; Dow sheds 251 points
  4. Consumer comes to the rescue as companies step back
  5. Obama seeks $215M for precision medicine initiative
  6. Subaru BRZ still needs upgrades
  7. Consol Energy posts $74M profit in fourth quarter
  8. Former athletes open businesses
  9. Kennametal plans plant closings, job cuts in fallout from oil and gas decline
  10. BNY Mellon is putting iconic Citizens Bank Tower up for sale
  11. BNY Mellon expands  role for treasury exec