Dow roars back over 12,000 Wide swings seen in several tech stocks on mixed earnings reports; Saudis support OPEC production cut. NEW YORK (CNNMoney.com) -- Stocks turned slightly higher Thursday, with the Dow back near the 12,000 mark, as investors continued to digest a mixed bag of corporate earnings reports. The 30-share Dow (up 10.41 to 12,003.09, Charts) edged higher by about 0.2 percent about 45 minuets into the session. The broader S&P 500 (up 0.81 to 1,366.77, Charts) index was little changed while the tech-fueled Nasdaq composite (up 5.80 to 2,342.95, Charts) gained around 0.3 percent. Earnings news was mixed as a slew of companies continued to report. Techs are seeing some big swings in individual stocks. Apple Computer (up $4.76 to $79.29, Charts) reported earnings after the bell Tuesday that easily topped Wall Street expectations, although its guidance for the current period were a bit below forecasts. Apple shares jumped 5 percent in Wednesday trade. Online auction site eBay (Charts) also reported better than expected results as well. EBay shares gained over 4 percent. But chip maker Advance Micro Devices (down $2.44 to $21.79, Charts) posted improved earnings that fell short of forecasts and shares slid 10 percent. And computer maker Dell (down $1.09 to $23.61, Charts) tumbled 5 percent after the research firm Gartner said rival Hewlett-Packard (up $0.40 to $39.41, Charts) reclaimed the top spot in global PC sales. Banks didn't fare well either, although their stock price swings weren't as drastic. Citigroup (down $0.47 to $49.72, Charts) reported better than expected earnings but revenue that fell short of forecasts. Citigroup stock fell nearly 1 percent. Bank of America (down $0.73 to $53.08, Charts) saw it's stock fall nearly 1 percent despite profits that topped forecasts. In other earnings news, Coca-Cola (up $0.72 to $44.68, Charts) posted improved results. Drugmaker Pfizer (up $0.25 to $28.35, Charts) saw earnings edge past forecasts. Conglomerate Honeywell (down $1.24 to $41.39, Charts) beat estimates. And McDonald's (down $0.39 to $41.08, Charts) reported improved results that met its recently raised guidance. Falling oil prices, strong earnings, and fewer inflationary concerns helped lift the Dow above 12,000 for the first time Wednesday, although its latest record close was just short of that benchmark. Oil prices rose after Saudi Arabia said it supports a production cut of 1 million barrels a day. OPEC is currently meeting in Vienna to discuss such a cut. U.S. light crude gained 65 cents to $58.30 a barrel on the New York Mercantile Exchange. Treasury prices were lower, lifting the yield on the 10-year note to 4.79 percent level from the 4.76 percent level reached late Wednesday. The dollar was lower against both the euro and the yen. Initial jobless claims fell to 299,000 last week, down from 309,000 the previous week, according to the Labor Department. Economists surveyed by Briefing.com had forecast 310,000 claims. Stocks closed mostly lower in Asia. Stocks also were lower in mid-day trading in Europe. _________________ |
|