Get BlazeTV
News

Market Recap: Despite Mixed Earnings Reports, Stocks Edge Higher

Markets closed up today:

▲ Dow: +0.20 percent

▲ Nasdaq: +0.15 percent

▲ S&P: +0.30 percent

Precious metals:

▲ Gold: +0.70 percent to $1,713.04 an ounce

▲ Silver: +1.34 percent to settle at $32.14

Commodities:

▲ Oil: +0.47 percent

Markets were up today because:

A weak showing in home sales and a mixed batch of earnings reports kept stocks flipping between minor gains and losses on Wall Street. By the end of the day, the major indexes managed to eke out their second day of gains this week.

A profit report from Procter & Gamble helped indexes start higher early Thursday, but stocks weakened in late morning trading after a realtor group said that the pace of contracts for new home sales had leveled off.

The Dow Jones industrial average gained 26.34 points to close at 13,103.68.

In other trading, the Standard & Poor's 500 rose 4.22 points to 1,412.97 and the Nasdaq gained 4.42 points to 2,986.12.

A recent round of weak corporate earnings from tech giants and industrial companies has shaken investors accustomed to steadily rising profits. Weak revenue numbers and lowered profit projections from Caterpillar, 3M and Google have rattled the stock market.

After two days in which the Dow has dropped more than 200 points in the past week, the average of 30 big companies is now down 2.5 percent for October.

Among companies reporting earnings Thursday, infant formula maker Mead Johnson Nutrition plunged 9 percent after its revenue came in well below what Wall Street analysts had expected. The company also cut its forecast for full-year earnings. Its stock slumped $5.98 to $63.53.

Profits at United Airlines slid with fewer people flying, and the company's results fell short of Wall Street's forecasts. Its stock lost $1.01 to $19.26.

Most homebuilders fell after the pace of growth in housing sales slowed last month. PulteGroup fell 44 cents to $17.01. Toll Brothers dropped $1.04 to $34.21.

Procter & Gamble posted the strongest gains of any Dow stock, after the consumer products company, whose products include Tide, Gillette and Charmin, posted earnings that beat analysts' estimates. P&G rose $1.99 to $70.07.

Online game maker Zynga jumped 26 cents to $2.39 after the company reported revenue that was stronger than analysts had anticipated. The company also said it would cut costs and enter the gambling business.

Health insurer Aetna rose 48 cents to $44.43 after reporting a slight gain in third-quarter earnings. Higher revenue and lower-than-expected health care claims helped the company beat Wall Street's profit expectations.

Traders sold U.S. government bonds, sending yields higher. The benchmark 10-year U.S. Treasury note yielded 1.82 percent, up from 1.79 percent late Wednesday.

The Associated Press contributed to this report.

One last thing…
Watch TheBlaze live and on demand on any device, anywhere, anytime.
try premium
Exclusive video
All Videos
Watch BlazeTV on your favorite device, anytime, anywhere.
Subscribe Now
Recommended
Daily News Highlights

Get the news that matters most delivered directly to your inbox.