Mixed open on Wall Street; bank stocks rise

Mixed open on Wall Street; bank stocks rise

Posted: Updated:

The stock market rally that led to record highs on Thursday has stalled.
 
Major U.S. indexes were little changed in early trading Friday.
 
Earnings news was mixed. Profits at big banks Wells Fargo and JP Morgan came in better than expected, and that helped bank stocks. But UPS cut its profit outlook and said it's seeing a slowdown in U.S. industry.
 
The Dow Jones industrial average was up 19 points at 15,481 at 10:30 a.m. The broader Standard & Poor's 500 index was flat at 1,675. Both indexes closed at all-time highs on Thursday.
 
The Nasdaq composite edged up six points to 3,585.
 
United Parcel Service sank $4.67, or 5.1 percent, to $86.78 after saying its second-quarter and full-year earnings will be less than analysts have been expecting because the company's customers are using cheaper shipping options. UPS also said it's seeing a slowdown in U.S. industry -- something likely to concern investors outside of the transportation sector.
 
Cost-cutting boosted profits at Wells Fargo, and its stock rose 69 cents, or 1.6 percent, $42.58. JPMorgan Chase reported a 32 percent jump in profits. Its stock rose 30 cents, or 0.5 percent, to $55.44.
 
Anthony Conroy, managing director and head trader for BNY ConvergEx Group, said JPMorgan's credit numbers were strong. "That means the consumer's out there spending and borrowing and propping up the whole economy, and that's a good thing," he said.
 
Conroy thinks it's likely that stocks will move higher, as long as second-quarter earnings reports at least match the low expectations that investors have. "The three most important things in the next couple of weeks are earnings, earnings, and earnings," he said.
 
Other stocks with notable moves included:
 
-- Gap rose 54 cents, or 1.2 percent, to $45.30. Three analysts lifted their price targets after Gap posted revenue at stores open at least a year that was better than the market was expecting.
 
-- WebMD jumped $7.09, or 27 percent, to $34.19 after the medical website operator sharply raised its forecast for its second-quarter results, citing strong demand from advertisers.
 
The yield on the 10-year Treasury note fell to 2.54 percent from 2.57 percent.
 
A measure of consumer sentiment from the University of Michigan came in lower than expected for this month.
 
Markets elsewhere were mixed. In Europe, Britain's FTSE-100 rose 0.2 percent, and Germany's DAX index was up 0.6 percent. The CAC-40 in France posted a slight decline. The Nikkei in Japan rose slightly, while stocks in Korea and China fell.
 
The price of crude oil rose 26 cents to $105.17 per barrel in the U.S. Other energy prices also rose. Gold slipped 40 cents to $1,279.

AP-WF-07-12-13 1445GMT

  • Your MoneyMore>>

  • Business is good at Coney Island

    Business is good at Coney Island

    Friday, August 29 2014 10:22 PM EDT2014-08-30 02:22:32 GMT
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
  • NYC Denny's features $300 breakfast

    NYC Denny's features $300 breakfast

    Friday, August 29 2014 4:04 PM EDT2014-08-29 20:04:13 GMT
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
  • Some Showboat workers get new jobs within company

    Some Showboat workers get new jobs within company

    Friday, August 29 2014 2:54 PM EDT2014-08-29 18:54:36 GMT
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices