FOX Business: Capitalism Lives Here
The markets got stuck at record highs Friday as traders digested a round of mixed corporate earnings.
As of 3:00 p.m. ET, the Dow Jones Industrial Average fell 20 points, or 0.13%, to 15529, the S&P 500 rose 0.44 point, or 0.03%, to 1690 and the Nasdaq Composite slumped 27.7 points, or 0.77%, to 3584.
The Dow and S&P 500 both landed at new all-time highs on Thursday, helped by upbeat economic data and corporate results, coupled with dovish remarks by Federal Reserve Chairman Ben Bernanke. With little in the way of economic data on tap, traders had a slew of earnings results to digest on Friday.
Meanwhile, diversified manufacturing behemoth General Electric (GE) weighed in with a second-quarter beat, sending its shares climbing. Fellow industrial Honeywell (HON) also revealed better-than-expected results.
Schulmberger (SLB), the world's biggest oilfield servicing company, also unveiled earnings that topped Wall Street's expectations as it boosted drilling operations outside North America.
Meanwhile, the People's Bank of China said it is relaxing controls on deposit rates bank pay by slowly lifting the floor that is currently in place. Markets in Europe popped slightly on the news.
In commodities, oil prices climbed to $108.46, or 0.42%, to $108.49 a barrel. Wholesale New York Harbor gasoline rallied 1.1% to $3.145 a gallon. Gold climbed $5.90, or 0.46%, to $1,291 a troy ounce.
The Euro Stoxx 50 fell 0.15% to 2714, the English FTSE 100 dipped 0.14% to 6625 and the German DAX slumped 0.05% to 8333.
In Asia, the Japanese Nikkei 225 sold off by 1.5% to 14590 and the Chinese Hang Seng ticked up 0.08% to 21362.