US stocks are rising on mixed earnings reports

May 9, 2014

NEW YORK (AP) — U.S. stocks turned slightly higher Friday afternoon after trading lower for the most of the day. Six of the ten industry groups in the Standard and Poor’s 500 index rose. CBS dropped 3 percent on disappointing revenue.

KEEPING SCORE: The Dow Jones industrial average rose 37 points, or 0.2 percent, to 16,587 as of 1:41 p.m. Eastern Time. The Standard & Poor’s 500 index rose three points, or 0.2 percent, to 1,878. The Nasdaq composite gained 13 points, or 0.3 percent, to 4,064.

CBS DROP: CBS fell $1.29, or 2 percent, to $56.72 after first-quarter revenue fell short of analysts’ projections. Advertising sales at television’s top-rated network slumped 12 percent.

RETAILER SLUMPS: Ralph Lauren fell $3.97, or 2.6 percent, to $148.02 after its forecast for sales for the current quarter disappointed investors.

RETAILER RISES: Gap rose $1.51, or 4 percent, $40.75 after the clothes store chain reported strong sales results for April and provided better-than-expected guidance for the first quarter.

THE QUOTE: “The market has been vacillating, but I believe for the rest of the year, a warming economy … will push the equity market up,” said David Kelly, chief global strategist at JPMorgan Funds.

HOTELIER HIGHER: Hilton Worldwide Holdings rose 59 cents, or 2.6 percent, to $23.23. The hotel chain reported first-quarter earnings of 13 cents versus the nine cents that analysts had expected.

SYMANTEC RISE: Symantec Corp. rose 77 cents, or nearly 4 percent, to $20.90. The security software maker said cost cuts helped boost its fourth-quarter profit margins and net income.

OVERSEAS MARKETS: European markets fell amid renewed jitters about Ukraine. Pro-Russian militants are pressing ahead with plans for an independence referendum. Britain’s FTSE 100 fell 0.4 percent and Germany’s DAX dropped 0.3. France’s CAC-40 dropped 0.7 percent. In Asia, Hong Kong’s Hang Seng rose 0.1 percent. Japan’s Nikkei 225 stock average gained 0.3 percent.

BONDS AND COMMODITIES: The yield on the 10-year Treasury note rose to 2.62 percent from 2.61 percent on Thursday. The price of oil fell 29 cents, or 0.3 percent, to $99.97 a barrel. Gold edged down 90 cents to $1,286 an ounce.

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