US stocks open mixed as investors assess earnings; Google jumps after reporting strong profits

Energy Associated Press

U.S. stocks were mixed in early trading Friday as investors assessed the latest earnings reports. Google surged after reporting earnings that exceeded the expectations of Wall Street analysts. Energy stocks dropped, extending a recent slump.

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KEEPING SCORE: The Standard & Poor's 500 index fell two points, or 0.1 percent, to 2,121.69 as of 10:09 a.m. Eastern. The Dow Jones industrial average fell 64 points, or 0.4 percent, to 18,055. The Nasdaq composite gained 22 points, or 0.4 percent, to 5,185. The index is trading at an all-time high.

GOOGLE EARNINGS: Internet search company Google surged after reporting earnings that exceeded forecasts. The results ended six consecutive quarters in which Google's earnings missed analysts' estimates. Google rose $87, or 14.6 percent, to $690.

GREECE RELIEF: Stocks have rallied this week after Greece agreed to a three-year bailout program with European creditors provided certain conditions were met. On Friday, the bailout plan cleared another hurdle after German lawmakers overwhelmingly backed the plan. That raised expectations that Greece will secure a financial lifeline to allow the country to get back to economic normality following a crisis that has shuttered its banks for nearly three weeks.

EUROPE'S DAY: European stocks were mixed. France's CAC 40 rose 0.2 percent, while Germany's DAX slipped 0.2 percent. Britain's FTSE 100 was 0.3 percent lower.

ENERGY: Benchmark U.S. crude fell 59 cents to $50.32 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 34 cents to $56.58 a barrel in London. The price of U.S. crude has fallen 16 percent this month, hitting energy companies.

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BONDS AND CURRENCIES: Bond prices were little changed from a day earlier. The yield on the benchmark 10-year Treasury note held steady at 2.35 percent. The dollar dropped to 124.06 yen and the euro fell to $1.0852.