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US stocks edge mostly higher as oil prices bounce back US stocks move lower as investors size up earnings
(35 minutes later)
U.S. stock indexes edged mostly higher in early trading Friday as rising oil prices pushed energy companies higher. Technology companies were the biggest laggards as Microsoft and Google parent Alphabet declined on disappointing earnings. Investors pored through the latest batch of earnings from big companies, including McDonald’s, American Airlines Group and General Electric. Disappointing earnings from Microsoft, Google parent Alphabet and other big companies pulled U.S. stocks lower in morning trading Friday. Technology sector companies were down sharply, offsetting gains among energy companies as the price of oil rebounded.
KEEPING SCORE: The Dow Jones industrial average rose 23 points, or 0.1 percent, to 18,006 as of 10:06 a.m. Eastern time. The Standard & Poor’s 500 index added one point, or 0.1 percent, to 2,092. The Nasdaq composite index lost 30 points, or 0.6 percent, to 4,915. KEEPING SCORE: The Dow Jones industrial average fell 49 points, or 0.3 percent, to 17,933 as of 11:20 a.m. Eastern time. The Standard & Poor’s 500 index slid eight points, or 0.4 percent, to 2,082. The Nasdaq composite index lost 67 points, or 1.4 percent, to 4,878.
ENERGY SECTOR: Oil and gas companies benefited from a pickup in energy prices. Southwestern Energy vaulted $1.65, or 15.5 percent, to $12.32. Murphy Oil climbed $1.31, or 4.1 percent, to $32.94. THE QUOTE: Absent major economic data, investors are riding the ups and downs of earnings this week, although the market swings haven’t been as volatile as earlier this year, said Tom Siomades, head of Hartford Funds Investment Consulting Group.
GAINING STEAM: Norfolk Southern jumped 8.5 percent after the railroad operator slashed costs during its latest quarter. The stock rose $7.01 to $89.64. “These mixed earnings that we’ve been getting ... these mini rallies and mini sell-offs that are part of it,” said Siomades.
TECH SLUMP: Several technology companies were down after reporting disappointing quarterly results. Microsoft lost $4, or 7.2 percent, to $51.78. Alphabet fell $38, or about 5 percent, to $742. TECH SLUMP: Several technology companies were down after reporting disappointing quarterly results. Microsoft was the biggest decliner in the S&P 500. It lost $4.15, or 7.4 percent, to $51.64. Alphabet fell $46.83, or 6 percent, to $733.17.
TURBULENT FLIGHT: American Airlines Group slid 6.3 percent after the company said weaker fares and labor costs cut into its revenue in the first quarter. The stock shed $2.51 to $37.50. TURBULENT FLIGHT: American Airlines Group slid 5.5 percent after the company said weaker fares and labor costs cut into its revenue in the first quarter. The stock shed $2.21 to $37.80.
DIMMER OUTLOOK: Visa fell 3 percent after the payments processor cut its revenue forecast for the year. The stock fell $2.44 to $78.35. DIMMER OUTLOOK: Visa fell 3.2 percent after the payments processor cut its revenue forecast for the year. The stock shed $2.55 to $78.24.
JAVA JITTERS: Starbucks dropped 5.4 percent after the coffee chain reported disappointing sales growth for the first three months of the year. The stock lost $3.30 at $57.34.
ENERGY SECTOR: Oil and gas companies benefited from a pickup in energy prices. Southwestern Energy vaulted $1.19, or 11.2 percent, to $11.86, while Range Resources jumped $6.79, or 8.2 percent, at $89.42. Anadarko Petroleum climbed $2.23, or 4.5 percent, to $52.26.
GAINING STEAM: Norfolk Southern jumped 8.2 percent after the railroad operator slashed costs during its latest quarter. The stock rose $6.79 to $89.42.
MARKETS OVERSEAS: Major stock indexes in Europe mostly fell. Germany’s DAX was down 0.4 percent, while France’s CAC 40 was down 0.2 percent. Britain’s FTSE 100 was off 1 percent. Earlier in Asia, Hong Kong’s Hang Seng index fell 0.7 percent. Tokyo’s Nikkei 225 rose 1.2 percent. Seoul’s Kospi slid 0.3 percent and Sydney’s S&P ASX 200 lost 0.7 percent.MARKETS OVERSEAS: Major stock indexes in Europe mostly fell. Germany’s DAX was down 0.4 percent, while France’s CAC 40 was down 0.2 percent. Britain’s FTSE 100 was off 1 percent. Earlier in Asia, Hong Kong’s Hang Seng index fell 0.7 percent. Tokyo’s Nikkei 225 rose 1.2 percent. Seoul’s Kospi slid 0.3 percent and Sydney’s S&P ASX 200 lost 0.7 percent.
ENERGY: Benchmark U.S. crude was up $1.11, or 2.6 percent, at $44.29 a barrel in New York. Brent crude, used to price international oils, was up $1.04, or 2.3 percent, at $45.57 a barrel in London. ENERGY: Benchmark U.S. crude was up 96 cents, or 2.2 percent, at $44.14 a barrel in New York. Brent crude, used to price international oils, was up 85 cents, or 1.9 percent, at $45.38 a barrel in London.
BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.89 percent from 1.86 late Thursday. In currency markets, the dollar gained to 111.34 yen from Thursday’s 109.53 yen. The euro fell to $1.1252 from $1.1295. BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.88 percent from 1.86 late Thursday. In currency markets, the dollar gained to 111.41 yen from Thursday’s 109.53 yen. The euro fell to $1.1248 from $1.1295.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.