By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks ended the
holiday-shortened week with solid gains, after four straight days
of increases on the S&P 500 index and Nasdaq Composite.
The benchmark index traded sideways on Thursday as investors
weighed a mixed bag of earnings results and generally positive
economic data. U.S. markets are closed Friday for the Good Friday
holiday.
Thursday had one of the busiest schedules in the earnings
season, as 25 companies on the S&P 500 reported quarterly
results, according to FactSet.
The S&P 500 (SPX) ended the day 2.54 points, or 0.1%, higher
at 1,864.85 and gained 2.7% over the past four days. The weekly
gain was the best since July 2013.
The Dow Jones Industrial Average (DJI) closed 16.31 points, or
0.1%, lower at 16,408.54. The blue-chip index gained 2.4% over the
past four days, recouping all of the losses from the previous
week.
The Nasdaq Composite (RIXF) added 9.29 points, or 0.2%, to
4,095.52 and gained 2.4% over the past four days.
Read the recap of MarketWatch's live blog of today's
stock-market action.
"We expect today's trading to be quiet, as a lot of investors
are probably consolidating ahead of the long weekend," said Jim
Russell, senior equity strategist at U.S. Bank Wealth
Management.
"It appears the investing community will give somewhat of a free
pass to companies this quarter, as the cold-weather excuse for
lower profits is legitimate. This will not be the case in the next
quarter," he added.
In economic news, two separate reports pointed to more evidence
that softening in the economy was largely weather related.
The number of people who applied for unemployment-insurance
benefits increased less than expected, a slight increase from the
lowest level since 2007, signaling that employers are maintaining a
slow pace of layoffs, according to government data released
Thursday.
A reading of manufacturing sentiment in the Philadelphia region
improved in April, according to data released Thursday,
contradicting a disappointing regional index from the New York Fed
released earlier in the week.
Google, IBM sink after disappointing results; Goldman, Morgan
Stanley rise
Shares of IBM Corp. (IBM) dropped 3.3% after the tech bellwether
late Wednesday reported an eighth straight quarter of revenue
declines and missed analyst expectations.
Google Inc. (GOOG) (GOOGL) dropped 3.7% after a disappointing
earnings report published late Wednesday.
American Express Co.(AXP) fell 1.4% after it reported quarterly
revenue that missed expectations late Wednesday.
Banking giant Goldman Sachs Group Inc. (GS) closed fractionally
higher after reporting a fall in first-quarter earnings, which
nonetheless beat Wall Street's expectations.
Morgan Stanley (MS) rose 2.9% after its profit topped estimates.
Read also: Morgan Stanley is looking good, but Goldman is
better.
General Electric Co. (GE) said it made an adjusted 33 cents a
share in the first quarter, slightly beating FactSet estimates of
32 cents a share. Shares gained 1.7%.
UnitedHealth Group Inc.(UNH) slid 3.1% after its earnings beat
expectations, but revenue missed.
Chipotle Mexican Grill (CMG) shares slid 5.9%, after initially
rising as much as 4% following the release of results. The
fast-food restaurant chain's first-quarter profit and revenue
surged, largely attributed to a 13.4% jump in same-store sales.
Two stocks began trading today. Shares of Sabre (SABR), the
travel-tech firm which owns the Travelocity website, rose 3.1% to
$16.50 on debut.
Weibo (WB), China's microblog equivalent of Twitter, surged 19%
to $20.24 on the first day of trading. Read also: Most IPOs this
week priced below expected range
In other financial markets, European and Asian stocks closed
mostly higher. Gold futures settled at a two-week low, while oil
futures settled higher. 10-year U.S. Treasuries sold off, with
yields jumping 9 basis points after a round of strong data stoked
market doubts about the Federal Reserve's promise to keep its key
lending rates low.
More must-reads from MarketWatch:
Wrong way: Ford, GM return to the bad old days
4 reasons the first quarter was better than it appeared
Why today's market is no stock picker's paradise
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