Stocks edge up on earnings; Nasdaq falls Defen
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Posted On: 02/06/2013 6:36:28 PM
Stocks edge up on earnings; Nasdaq falls
Defense stocks lead S&P 500; consumer profits provide boost
SAN FRANCISCO (MarketWatch) — U.S. stocks eked out modest gains Wednesday after earnings from Time Warner Inc., Wyndham Worldwide Corp. and others reinforced a theme of steady improvement for consumer companies. The Nasdaq Composite ended lower.
The Dow Jones Industrial Average (DJI JIA) ended a choppy trading day up 7.22 points, or 0.1%, at 13,986.52. It had fallen as much as 66 points during the session.
The S&P 500 Index (SNC:SPX) ended up 0.83 point, or 0.1%, at 1,512.12. Sectors attractive to investors for defensive qualities such as dividends — telecoms and utilities — led the index, followed by consumer discretionary stocks.
“It’s still an earnings-driven story,” said Dan Greenhaus, chief global strategist at BTIG. “Based on investor reaction to consumer stocks, the consumer isn’t doing all that bad.”
Defense stocks lead S&P 500; consumer profits provide boost
SAN FRANCISCO (MarketWatch) — U.S. stocks eked out modest gains Wednesday after earnings from Time Warner Inc., Wyndham Worldwide Corp. and others reinforced a theme of steady improvement for consumer companies. The Nasdaq Composite ended lower.
The Dow Jones Industrial Average (DJI JIA) ended a choppy trading day up 7.22 points, or 0.1%, at 13,986.52. It had fallen as much as 66 points during the session.
The S&P 500 Index (SNC:SPX) ended up 0.83 point, or 0.1%, at 1,512.12. Sectors attractive to investors for defensive qualities such as dividends — telecoms and utilities — led the index, followed by consumer discretionary stocks.
“It’s still an earnings-driven story,” said Dan Greenhaus, chief global strategist at BTIG. “Based on investor reaction to consumer stocks, the consumer isn’t doing all that bad.”
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