By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market finished
Thursday's volatile session generally higher as positive earnings
and stronger-than-expected data outweighed worries over military
escalation near Ukrainian border.
An 8.2% jump in Apple Inc, the heaviest-weighed stock on the
S&P 500 and Nasdaq, was the biggest in 2 years and accounted
for more than a 4-point gain on the S&P 500, according to
Howard Silverblatt, senior index analyst at S&P Dow Jones
Indexes.
The S&P 500 (SPX) ended the day 3.22 points, or 0.2%, higher
at 1,878.61. The Dow Jones Industrial Average (DJI) closed
absolutely unchanged at 16,501.65. The last time the blue-chip
index closed without any change was in Dec 24, 2001, according to
FactSet.
The Nasdaq Composite (RIXF), gained 21.37 points, or 0.5%, to
4,148.34.
Read the recap of MarketWatch's live blog of today's
stock-market action.
"Apple's earnings last night and durable goods orders this
morning were driving the markets higher, up until Ukraine fears
resurfaced," said Kate Warne, investment strategist at Edward
Jones.
"Ukraine has been on the back burner and simmering, but today's
headline news was a reminder to investors that the pot can
sometimes boil over," she added.
Ahead of the market open, a jump in durable-goods orders
outweighed a bigger-than-expected rise in weekly jobless claims,
sending stock futures higher. Orders for durable goods such as
computers, aircraft and heavy machinery jumped 2.6% in March and
posted the biggest gain in four months, offering another sign that
the U.S. economy might be on the upswing after a winter-induced
lull. The jump was far above expectations.
Separately, the number of Americans who applied for unemployment
benefits last week rose to the highest level in April, but most of
the bump may have been related to a seasonal quirk tied to the
Easter holiday.
At the center of attention, however, was Apple Inc., (AAPL)whose
quarterly results topped Wall Street forecasts and the company
announced a 7-for-1 stock split. If Apple joins the Dow, who gets
the boot? Vote here.
Facebook(FB) reversed post-earnings gains and closed 0.8% lower.
The social network company posted first-quarter earnings that
nearly tripled and revenue that jumped 72%, with both numbers
blowing out forecasts.
Ahead of the open, economic bellwether Caterpillar (CAT) topped
forecasts reporting a 4.8% increase in profits during the first
quarter. Shares rose 1.8%. But CEO and chairman Doug Oberhelman was
concerned about the situation in Ukraine.
"We are very concerned about the situation in Ukraine and
Russia. We are hoping for a peaceful resolution, but business
confidence around the world could dampen, and trade and world GDP
could slow should the situation deteriorate. The global economy
remains fragile, and as such, one or two setbacks could create
substantial downside risk for the global economic recovery." Also
read: 5 companies worried about Ukraine.
General Motors (GM.XX) reversed post-earnings gains and closed
0.6% lower. The company saw a profit drop on recall charges, but
far exceeded analyst expectations, with earnings of 29 cents a
share and revenue of $37.4 billion.
Aetna Inc. (AET) rose 5.9% after beating earnings estimates. 3M
(MMM) slipped 1% after missing expectations on revenue.
Shares of Zimmer Holdings Inc. (ZMH) jumped 12% on news it will
buy Biomet in a deal valued at $13.35 billion.
On the downside, shares of Qualcomm Inc. (QCOM)fell 3.5% after
the wireless-technology firm reported an earnings view that beat
forecasts, but missed on sales.
Reporting after the closing bell, Microsoft Corp. (MSFT) shares
rose 2.2%, after its first-quarter results topped forecasts.
Amazon.com Inc. (AMZN) shares also rose 2% after earnings and
revenue came in above Wall Street's expectations. Microsoft
earnings: First time for new CEO Nadella.
Starbucks Corp. (SBUX) shares gained 0.7% after fist-quarter
profit and revenue were broadly in line with expectations.
Overseas, Wall Street's pullback drove some losses across Asia,
with the Nikkei 225 index off nearly 1%. In Europe most benchmarks
rebounded from losses and closed higher.
In other markets, crude-oil prices (CLM4) rose, while gold
(GCM4) also gained and the ICE dollar index (DXY), a gauge of its
strength against six rivals, slipped.
More must-reads from MarketWatch:
Apple CEO Tim Cook discusses earnings, buyback, China, iPhone
sales (recap)
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