TribLIVE

| Business


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

S&P 500 marks first weekly loss in July

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Range Resources to pay $4.15M fine, close old gas drilling impoundments
  2. Chevron gets first OK from Pa. sustainable drilling group
  3. Bayer to spin off plastics unit as separate company; employment to remain stable
  4. Bayer plastics unit may be gone
  5. U.S. Steel shares jump on turnaround strategy
  6. Consol, Noble expect at least $325 million from partnership’s IPO
  7. Tobacco growers forced to find profits as buyout checks end in October
  8. Fed not budging on rate increase
  9. Investors applaud central bank’s decision
  10. UPMC buying New Castle-based Jameson Health System
  11. FedEx to add 50,000 seasonal jobs
Subscribe today! Click here for our subscription offers.