ADVERTISEMENT
News » Money
Jul 24, 12:33 PM EDT

Stocks inch higher at midday after United, Ford report better results; homebuilders hit hard


AP Photo
AP Photo/Mark Lennihan
Business Video

Latest Market News
US stock market inches higher at midday after United, Ford and others report better results

US stock market inches higher at open after Facebook, Ford and others report quarterly results

How the Dow Jones industrial average and other major indexes fared on Wednesday

General Motors 2Q profit falls 85 pct., drained by massive recall costs

Swiss drug maker Roche posts 7 percent profit drop amid strong franc, diagnostic charges

Ford's second quarter net profit up 6 percent to $1.3 billion as Europe makes money again

Strong demand helped CSX in 2Q but railroad had to scramble to keep up with volume

Buy AP Photo Reprints
Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt
Interactive
Are Stocks Bouncing Back?

NEW YORK (AP) -- U.S. stocks edged higher in midday trading Thursday as investors digested second-quarter results from companies across several industries, including Facebook, Ford and Caterpillar.

KEEPING SCORE: The Dow Jones industrial average rose 17 points, or 0.1 percent, to 17,104 as of 12:15 p.m. Eastern time. The Standard & Poor's 500 index rose two points, or 0.1 percent, to 1,989. The Nasdaq composite climbed two points, or 0.1 percent, to 4,475. For every 10 stocks that rose, seven fell.

FACEBOOK SURGES: Facebook rose $4.97, or 7 percent, to $76.28 after reporting a profit late Wednesday that beat expectations. Mobile advertising, a crucial business for the world's largest social media company, saw major growth in the quarter.

THE AUTOMAKERS: Ford rose 15 cents, or 1 percent, to $17.93 after it said second-quarter earnings rose 6 percent to $1.3 billion. The company was helped by sales gains in Europe. General Motors fell $1.21, or 3 percent, to $36.20 after it reported an 85-percent drop in quarterly earnings. The automaker, in the midst of the worst recall crisis in its history, posted a net profit of $190 million.

CAT FALL: Dow member Caterpillar fell $3.85, or 4 percent, to $104.54. The construction equipment maker said its quarterly profit rose 4.1 percent, which beat expectations. However, its revenue fell short of forecasts.

HURT HOMEBUILDERS: Homebuilder stocks fell Thursday after the Commerce Department reported that new home sales dropped precipitously. New home sales fell 8.1 percent last month to a seasonally adjusted annual rate of 406,000. The report also revised down the May sales rate to 442,000 from 504,000. Pulte Homes and KB Home fell 2 percent while Toll Brothers fell 4 percent.

FEWER JOBLESS CLAIMS: Also on the economic front, investors got some good news about jobs. The Labor Department reported weekly applications for unemployment aid dropped 19,000 to a seasonally adjusted 284,000 claims. That's the lowest reading since February 2006, nearly two years before the Great Recession began.

BONDS AND OIL: The yield on the 10-year Treasury note nudged up to 2.51 percent from 2.47 percent late Wednesday. Bond yields rise when prices fall. U.S. crude oil fell 48 cents to $102.63 a barrel in New York.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

 
ADVERTISEMENT