Stocks closed mixed Friday as better-than-expected earnings from General Electric (GE) helped the Dow and S&P 500 snap two-day losing streaks, but the Nasdaq closed lower after disappointing results from Advanced Micro Devices (AMD).

The Dow added 49 points, or 0.4%, to close at 11,872. The broader S&P 500 ($INX) rose 3 points, or 0.2%, to finish at 1,283. The tech-heavy Nasdaq Composite ($COMPX) fell 15 points, or 0.6%, to settle at 2,690.

Dow component GE helped lift the blue chips after reporting a 52% jump in fourth-quarter income, thanks to strong growth in equipment orders and an improvement in its lending business. GE's earnings from continuing operations came to 36 cents a share, topping analyst's average forecast for earnings of 32 cents. GE said revenue grew year-over-year for the first time in nine quarters, increasing 1% to $41.4 billion. Wall Street analysts had expected revenue of $40.3 billion.

Bad Mortgages Pummel Bank of America Again

GE's results offset declines by Dow component Bank of America (BAC), which weighed on financial stocks after it posted disappointing fourth-quarter results. The nation's biggest bank by assets reported a loss of $1.6 billion in the fourth quarter after its costs related to soured home loans increased.

Bank of America's loss available to shareholders after paying out dividends was 16 cents per share. Analysts, on average, expected the bank to earn 18 cents a share. Excluding a charge of $2 billion related to the home loans, the bank would have earned 4 cents a share. In last year's fourth quarter, the bank recorded a loss of $5.2 billion.

Tech stocks were weighed down by disappointing news from AMD. The chipmaker beat Wall Street's fourth-quarter earnings estimate when it released results after Thursday's closing bell, but shares fell sharply Friday on flat year-over-year revenue growth.

A Gradual Bullish Trend


This week's string of strong earnings from the likes of Apple (AAPL), Google (GOOG), Morgan Stanley (MS) and now GE bodes well for upcoming corporate reports and market action ahead, says Joe Greco, managing director at Meridian Equity Partners.

"For the most part we continue to trend in a gradual move to the upside," Greco says. "From a tech perspective, from a manufacturing perspective and, of course, from the financials, [management] is saying we're doing well, and we've been doing well for the last several quarters."

For more on Greco's take from the floor of the New York Stock Exchange (NYX), see the video above.


Increase your money and finance knowledge from home

Asset Allocation

Learn the most important step in structuring an investment portfolio.

View Course »

Reading a Stock Quote

Learn to read the ingredients of a stock.

View Course »

Add a Comment

*0 / 3000 Character Maximum

5 Comments

Filter by:
lord.willem

Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one.


http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-rates/
http://www.reversemortgagelendersdirect.com/new-york-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-calculator/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-information/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-pros-and-cons/

July 18 2013 at 3:10 AM Report abuse rate up rate down Reply
THINK JESUS

YO DAN.. IM NOT A TELLIGENT PERSON LIK U.. WHATS WIT THE 'NADIR' WORD IN THE POST BOUT UPPIN YOU SOCIAL SEC INCOME(I had to look it up)..I GUESS IF YOU WANT TO HAVE MORE MAYBE YOU GOT TO BETTER EDUCATED.. IM NO GOOD WIT MONEY. I EITHER GIVE IT AWAY OR INVEST POORLY IN GREEDY HOPE..LIKE VIATICAL INSURANCE.. EASE UP ON THE FANCY WORDS ..THANKS DAD...PAUL.....JANWACA@AOL.COM

January 23 2011 at 8:55 AM Report abuse rate up rate down Reply
surfr45

Evil, ultra rich George Soros has his white house and congress puppets doing his bidding well. Obama is trying to improve his image to get re-elected. It's working folks. We are in serious trouble because the majority will be fooled again.

January 22 2011 at 8:55 AM Report abuse +3 rate up rate down Reply
Robert & Lisa

The evil, ultra rich are luring the middle class back into the markets to "clean their plows" again.

January 22 2011 at 3:33 AM Report abuse +4 rate up rate down Reply
1 reply to Robert & Lisa's comment
lefthddriver

The big dogs are just dangling a carrot in front of all those little investors, like a spider does to the fly...gonna get trapped...again.......zap.....

January 22 2011 at 7:41 AM Report abuse +1 rate up rate down Reply