U.S. stocks wavered, as lagging health-care stocks competed with enthusiasm over second-quarter earnings from financials ahead of testimony from Federal Reserve Chairman Ben Bernanke.
Investors will be listening for any guidance Mr. Bernanke offers on the possibility of the economy slowing down in the second half and what further tools the Fed has at its disposal to stimulate growth. Fluctuating between small gains and losses, the Dow Jones Industrial Average was recently up 14 points, or 0.1%, at 10244.
The market has greeted the week’s second-quarter reports with a mixture of emotions. Investors have cheered upbeat forecasts, while punishing some companies that beat earnings expectations, but posted slowing revenue.
“On balance, they’re quite positive, although that doesn’t seem to impressing the market very much,” said John Apruzzese, chief investment officer at Evercore Wealth Management.
Investors may be reluctant to make big moves ahead of Mr. Bernanke’s testimony to the U.S. Senate Banking Committee at 2 p.m. EDT.
“The minutes that come out show the Fed appears to think the economy has softened, so then the question is: Is he going to do anything about it,” Mr. Apruzzese said.
Companies reporting strong second-quarter earnings topped the Dow. Coca-Cola gained 2.7% after its second-quarter earnings rose 16% as the beverage giant reported volume gains, including in long-struggling North America, and continued strong growth in international markets.
United Technologies climbed 1.2% after its second-quarter earnings rose 14%, beating analysts’ expectations on broad growth and the industrial conglomerate also boosted its 2010 earnings forecast.
However, technology components weakened. Intel dropped 1.4%, Hewlett-Packard slipped 1.4%, Cisco Systems fell 1.3%, and Microsoft shed 0.6%. Yahoo!, not a Dow component, fell 8% after its second-quarter earnings jumped 51%, beating analysts’ estimates, but revenue fell short of expectations. Yahoo also gave a third-quarter sales outlook that is potentially below analysts’ consensus forecasts.
Shares of Apple climbed 2.8% after the consumer electronics giant’s fiscal third-quarter profit jumped 78%, boosted by strong initial sales of its multimedia iPad device and the latest version of its popular smartphone, the iPhone 4. Earnings and revenue both topped analysts’ expectations.
The technology-heavy Nasdaq Composite fell 0.3% to 2216. The Standard & Poor’s 500-share index edged up 0.1% to 1085. The measure was boosted by financials, but weighed by the health-care sector.
Fueling the rise in financials, Morgan Stanley jumped 10% after posting a surge in second-quarter profit that topped analysts’ estimates. Earnings were helped by rising fixed-income trading revenue.
Wells Fargo gained 4.9%. The bank’s second-quarter earnings rose 12%, beating analysts’ estimates, as credit-loss provisions declined sharply.
But dragging health-care stocks lower, Quest Diagnostics fell 5.3% after its second-quarter profit rose 3.5%, but revenue dropped more than expected. The diagnostic-testing company also lowered projected 2010 earnings and predicted revenue would shrink 1%.
The dollar strengthened against the euro, but slipped against the yen. The euro was trading recently at $1.2824, down from $1.2887 late Tuesday in New York. Demand for Treasurys rose, with the 10-year note up to push its yield down to 2.94%. Crude-oil prices slipped below $78 a barrel, while gold futures also declined.
By KRISTINA PETERSON
Tags: Dow Jones Industrial, economic growth, economy recovery, financial system, investment, money, Nasdaq composite, us, us economic, us stocks, wells fargo
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