Indices End Mixed on Wednesday on Earnings Reports and Durable Goods
On Wednesday the major indices in the US ended mixed with a drop for the Dow and slight gains for the S&P and Nasdaq. Economic worries continue to grow as another disappointing report was released involving durable goods orders in March. The orders dropped 5.7%, the largest decline in seven months. Earnings reports by AT&T (T) and Proctor & Gamble (PG) dragged down the Dow, while energy stocks like Newfield (NFX) brought the S&P higher.After the bell shares of both Zynga (ZNGA) and Qualcomm (QCOM) were down on disappointing forecasts. Following a strong auction that showed continued demand, Treasurys extended gains on Wednesday. Oil prices rose above $90 a barrel for the highest close in almost two weeks.
Word on the Street
- ECB's decision to cut interest rates sooner than later continues to push global markets up.
- Zynga (ZNGA) reports an 18% drop in revenues for Q1 of 2013.
- Ford (F) beats earnings expectations but sees overall global costs jump.
- Durable goods orders plunge in the month of March on slowing factories.
- A suspected miss in earnings spooks investors and causes P&G (PG) shares to fall.
- AT&T (T) Reports Profits Up Over 3 Percent.
Published on Apr 24, 2013By InvestorGuide Staff