Stocks seesaw in early trading
Wall Street churns as investors digest better-than-expected results from Citi and GE.
NEW YORK (CNNMoney.com) -- Stocks were mixed to lower Friday as investors welcomed better-than-expected earnings from Citigroup and General Electric but also showed caution after the recent run.
The Dow Jones industrial average (INDU) was little changed in the early going. The S&P 500 (SPX) index lost 1 point, or 0.2%. Both had ended the previous session at their highest points since Feb. 9.
The Nasdaq composite (COMP) lost 11 points, or 0.7%, after ending the previous session at the highest point since Nov. 5, 2008.
Stocks, as represented by the S&P 500, have gained more than 26% in the past six weeks, on bets that the economy is closer to stabilizing. A rash of better-than-expected profit reports has helped sentiment this week.
"I think we're seeing, at least in the first week of earnings season, that we may have set the bar too low, and the market is reacting to that," said Art Hogan, chief market strategist at Jefferies & Co.
Earnings: Financial firm Citigroup (C, Fortune 500) surprised Wall Street by delivering its first profit in more than a year, boosted by its investment banking division. The company reported net income of $1.6 billion for the first quarter, up from the year-ago loss of $5.1 billion.
The company was expected to report a loss.
Citi's results come on the heels of better-than-expected results from fellow financial firms Goldman Sachs (GS, Fortune 500) and JPMorgan Chase (JPM, Fortune 500).
General Electric (GE, Fortune 500) reported a first-quarter profit that fell significantly from year-ago results but still beat expectations from Wall Street analysts. The conglomerate's net income plunged 35% to $29 billion, or 26 cents per share.
The firm's troubled finance division, GE Capital, earned $1.1 billion in the quarter, and the company said it's on track for full-year profitability.
Tech: Internet giant Google (GOOG, Fortune 500) reported quarterly earnings that topped expectations after U.S. markets closed Thursday. But the firm's sales fell short of estimates.
World markets: Stocks in Asia finished higher, with Japan's Nikkei gaining nearly 2%. European markets rose in afternoon trading.
Oil and money: Oil prices rose $1.20 to $51.18. The dollar rose against the euro and the British pound, but slipped versus the yen. 
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