FOX Business: Capitalism Lives Here
U.S. equities flipped between gains and losses on Friday as traders parsed through mixed corporate and economic reports.
As of 3:20 p.m. ET, the Dow Jones Industrial Average rose 26.6 points, or 0.16%, to 16443, the S&P 500 declined 8.2 points, or 0.45%, to 1837 and the Nasdaq Composite slumped 24.6 points, or 0.58%, to 4194.
Earnings season is in full swing. United Parcel Service (UPS) sliced its adjusted full-year 2013 earnings outlook to $4.57 a share, from a previous estimate of $4.65 to $4.85 a share. Wall Street was looking for profits of $4.75.
General Electric (GE), the blue-chip conglomerate, revealed quarterly profits that matched expectations and revenues that exceeded views. Investment bank Morgan Stanley (MS) posted better-than-expected profits.
On the economic front, The Commerce Department reports housing starts fell 9.8% in December to an annual rate of 999,000 units slightly beating the Street’s expectation of 990,000. Meanwhile, permits to build new homes fell 3% to an annual rate of 986,000 units, missing estimates of 1.02 million.
Growth in the housing market has been cooling slightly in recent months as interest rates have risen.
A reading on consumer sentiment from Thomson Reuters and the University of Michigan fell to 80.4 in January from 82.5 the month prior. The Street was looking for a reading of 83.5.
In commodities, U.S. crude oil futures climbed 82 cents, or 0.87%, to $94.78 a barrel. Wholesale New York Habor gasoline jumped 0.89% to $2.618 a gallon. Gold advanced $2.30, or 0.89%, to $1,243 a troy ounce.