Stocks struggle after Dow record

NEW YORK (CNNMoney.com) -- Stocks struggled Thursday morning, despite upbeat earnings, as investors showed caution one session after the Dow industrials crossed 13,000 for the first time.

The Dow Jones industrial average (up 6.51 to 13,096.40, Charts) lost a few points roughly 40 minutes into the session. The blue-chip indicator had briefly touch a new intraday record of 13,120.53 in the early going before retreating. The broader S&P 500 (down 2.63 to 1,492.79, Charts) index lost 0.3 percent. The Nasdaq (down 0.90 to 2,546.99, Charts) composite was little changed.

All three major gauges rose a bit at the open, before backing off.

On Wednesday, the Dow industrials jumped above 13,000 for the first time, as solid earnings and economic news reassured investors. The S&P 500 and the Nasdaq composite also gained, hitting more than 6-year highs.

However, after such a strong day, investors were a bit reluctant Thursday, despite some strong earnings.

After the close Wednesday, Apple (up $4.65 to $100.00, Charts, Fortune 500) reported higher quarterly earnings and sales that beat forecasts, sending shares more than 5 percent higher Thursday morning.

Also late Wednesday, Qualcomm (up $0.40 to $45.74, Charts, Fortune 500) reported higher earnings and revenue that beat estimates. The wireless chipmaker also forecast that current-quarter and full-year earnings will top forecasts. Qualcomm shares gained 1 percent.

Thursday morning, Dow component 3M (up $2.94 to $79.91, Charts, Fortune 500) reported quarterly sales and earnings that rose from a year earlier and topped analysts' forecasts, sending the stock 3.5 percent higher in the morning.

Fellow Dow component Exxon Mobil (down $0.32 to $79.60, Charts, Fortune 500) reported higher quarterly earnings that beat estimates Thursday morning as stronger profits from its refineries overshadowed the impact of lower crude prices. The company also reported lower revenue. Shares were little changed.

Ford Motor (up $0.36 to $8.24, Charts, Fortune 500) posted a narrower-than-expected quarterly loss, due to cost cutting and strength in its European and luxury divisions, which outweighed the impact of restructuring costs.

In the day's economic news, the number of Americans filing new weekly claims for unemployment fell a greater-than-expected 20,000 last week to 321,000.

U.S. light crude oil for June delivery dropped 53 cents to $65.31 a barrel on the New York Mercantile Exchange.

Treasury prices slipped, raising the yield on the 10-year note to 4.65 percent from 4.64 percent late Wednesday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar gained against the euro and yen.