Mixed open on Wall Street; bank stocks rise - Mid-South News, Weather, Traffic and Sports | FOX13

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>>

  • Startups flock to NY TechDay

    Startups flock to NY TechDay

    Thursday, April 24 2014 6:40 PM EDT2014-04-24 22:40:26 GMT
    NY TechDay is where the hottest new startups come every year. More than 400 of them from all different countries come to check out the NYC tech scene. Our first stop at Pier 92 was Rent Hackr, a website with renter generated data to help apartment hunters. Then we checked out Karma, a portable Wi-Fi device that lets you share hot spots with friends.
    NY TechDay is where the hottest new startups come every year. More than 400 of them from all different countries come to check out the NYC tech scene. Our first stop at Pier 92 was Rent Hackr, a website with renter generated data to help apartment hunters. Then we checked out Karma, a portable Wi-Fi device that lets you share hot spots with friends.
  • Studies: office layout can affect your mental and physical health

    Studies: office layout can affect your mental and physical health

    Thursday, April 24 2014 5:13 PM EDT2014-04-24 21:13:30 GMT
    Leaving the office, most of us feel pretty exhausted. Studies now suggest that we can blame much of what ails us physically and mentally on the layout of our workspace. American companies standardized the sprawling square room divided by cubicles or nothing to foster team atmosphere. But newer research suggests that the open-plan office actually raises stress while lowering motivation and focus and maybe even reducing life-expectancy.
    Leaving the office, most of us feel pretty exhausted. Studies now suggest that we can blame much of what ails us physically and mentally on the layout of our workspace. American companies standardized the sprawling square room divided by cubicles or nothing to foster team atmosphere. But newer research suggests that the open-plan office actually raises stress while lowering motivation and focus and maybe even reducing life-expectancy.
  • Cough syrup popular in celebrities' 'sizzurp' cocktails pulled from market

    Cough syrup popular in celebrities' 'sizzurp' cocktails pulled from market

    Thursday, April 24 2014 8:00 AM EDT2014-04-24 12:00:01 GMT
    A prescription cough syrup that some celebrities like to mix with soda and hard candy is being pulled from the market, pharmaceutical company Actavis confirmed. The cough syrup-soda concoction is often called "sizzurp."
    A prescription cough syrup that some celebrities like to mix with soda and hard candy is being pulled from the market, pharmaceutical company Actavis confirmed. The cough syrup-soda concoction is often called "sizzurp."
Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices