Wall Street report: Friday close
STOCKS ended the week on a flat note as many traders took the day off, and those who were at work sifted through the first few quarterly earnings scorecards for fresh clues to corporate America's health.
General Electric weighed on the blue-chip Dow Jones industrial average, after the conglomerate posted third-quarter earnings in line with analysts' estimates but cut its fourth-quarter earnings guidance, blaming weak demand for gas turbines and higher costs at its plastics division.
The Dow dipped 5.33 points, or 0.06%, to 9,674.68, according to the latest data. The broader Standard & Poor's 500 Index was off 0.67 points, or 0.06%, at 1,038.06 while the technology-laced Nasdaq Composite Index rose 3.41 points, or 0.18%, at 1,915.31.
For the week, the Dow rose 1.07%, while the S&P 500 rose 0.8% and the Nasdaq rose 1.85%. The Dow was higher for the eight time in the last 10. The Nasdaq and S&P were up seven of the past nine weeks.
Market activity was muted during Friday's session as many traders took the day off ahead of the Columbus Day holiday on Monday, when the bond market will be closed.
Semiconductor stocks rose after Deutsche Bank Securities raised its ratings on Texas Instruments and Intel. Intel rose 66 cents to $30.43, or 2.2%, while Texas gained 49 cents, or 2%, to $25.48. The Philadelphia Stock Exchange's semiconductor index rose 1.17%.
Computer Associates International took a hit after Moody's Investors Service cut the software vendor's short- and long-term debt ratings, citing a lack of clarity in the company's recognition of revenue. Its shares fell $2.45, or 9.4%, to $23.50.
Network gear maker Juniper Networks slipped despite reporting unexpectedly strong results on improved spending by telecommunications carriers. Its shares fell 78 cents, or 4.2%, to $17.62.
GE, which reported its earnings and outlook before the opening bell, fell 81 cents, or 2.7%, to $29.32. The group also said it agreed to buy British medical firm Amersham as it seeks to boost growth.
Ahead of the open, the US Labor Department reported that the cost of food pushed wholesale prices up an unexpectedly big 0.3% in September, well above economists' forecasts for an unchanged reading. Stripping out the rise in food prices and a small gain in energy costs, wholesale prices were unchanged, below economists' expectations for a 0.1% rise.
The US trade deficit also shrank unexpectedly for a fifth straight month to $39.2 billion, as imports of cars and auto parts fell to a 20-month low.
