Earnings results from dozens of big U.S. corporations pulled major stock indexes in different directions Thursday.
Some of the biggest insurance companies dragged down the broader financial sector after reporting quarterly earnings, while solid profits lifted consumer goods companies including Clorox.
Continue Reading Below
The result: Major U.S. stock indexes struggled to find direction the day after the Dow Jones Industrial Average rose above 22000 for the first time.
The Dow rose for an eight straight session and notched its 33rd record of the year Thursday, as stocks continued to benefit from a buoyant global economy, a weaker dollar and a solid earnings season.
The blue-chip index rose 9.86 points, or less than 0.1%, to 22026.10 and is now up 11% so far this year.
The S&P 500 fell 5.41 points, or 0.2%, to 2472.16 Thursday, while the Nasdaq Composite declined 22.30 points, or 0.4%, to 6340.34.
"The market isn't cheap, but it's not expensive either, given the low interest-rate environment," said Nadia Lovell, U.S. equity strategist at J.P. Morgan Private Bank.
Prudential Financial shares fell $4.96, or 4.3%, to $110.27 as its operating income missed analyst expectations. MetLife shares lost 1.58, or 2.9%, to 53.50.
Kellogg's stock jumped 2.92, or 4.3%, to 70.36 as second-quarter earnings for the maker of Frosted Flakes and Eggo waffles beat analyst expectations.
Clorox shares added 2.76, or 2.1%, to 134.73 after the maker of products such as liquid bleach and trash bags reported a climb in net profit for the latest quarter.
Shares of Tesla jumped 21.20, or 6.5%, to 347.09 after the electric-car company reiterated its plans to sell more vehicles during the second half of the year.
Elsewhere, declines in the British pound helped push the export-heavy FTSE 100 index up 0.9%, with British American Tobacco and AstraZeneca both rising.
In Asia, South Korean stocks led the way lower, with the Kospi down 1.7% after recently topping highs set in 2011. A pressure point was Samsung Electronics, which fell 2.5% -- erasing its gains for the week -- as the Samsung conglomerate's de facto head testified for the first time at his corruption trial.
Write to Corrie Driebusch at email@example.com
(END) Dow Jones Newswires
August 03, 2017 17:55 ET (21:55 GMT)