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U.S. stocks narrowly mixed as tech earnings help Nasdaq

U.S. stocks narrowly mixed as tech earnings help Nasdaq

Stocks were narrowly mixed in morning trading Thursday, with technology shares rising modestly as profit news reassured investors nervous about the sector's prospects.
Amid a quiet opening Thursday, investors reviewed quarterly results from eBay Inc., Ford Motor Co., AT&T Inc. and examined the state of the housing sector. The National Association of Realtors said sales of U.S. existing homes fell 0.8 percent in December to a seasonally adjusted annual rate of 6.22 million. Investors have wondered for months whether the housing sector and the broader economy could share a similar fate; that is, if a pullback in the housing market would drag down the rest of the economy.
In the first hour of trading, the Dow Jones industrial average was down 12.58, or 0.10 percent, at 12,609.19.
Broader stock indicators were mixed. The Standard & Poor's 500 index was down 1.50, or 0.10 percent, at 1,438.63 and the Nasdaq composite index was up 2.00, or 0.08 percent, at 2,468.28.
Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.83 percent from 4.81 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.
Beyond the deluge of earnings reports, investors again looked to economic data to help indicate where the economy might be headed. The Labor Department reported that the number of Americans seeking unemployment benefits last week surged by the largest amount in 16 months, reversing two weeks of large declines.
In corporate news, eBay jumped $3.36, or 11.2 percent, to $33.36 after the online auction house posted a 24 percent increase in profits as sales rose 29 percent.
Ford Motor Co. fell 10 cents to $8.11. The automaker reported its largest annual loss as sales fell and the company struggled with enormous restructuring costs.
AT&T Inc. rose 85 cents, or 2.3 percent, to $37.48 after company's fourth-quarter profit rose 17 percent amid growth in wireless subscribers and in its regional wireline businesses.
The Russell 2000 index of smaller companies was down 2.16, or 0.27 percent at 791.87.


Updated : 2021-04-23 19:28 GMT+08:00