Stocks See Small Gains Following Mixed Earning Reports
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iStock/Thinkstock(NEW YORK) — Positive and negative earnings reports made for mixed stocks on Thursday, with small gains and the Dow Industrial Average remaining unchanged.
The Dow closed at 16,501.65, marking the first time since 2001 that it closed unchaged. The Nasdaq Composite gained 21 points at 4,148.34, and the S&P 500 added 3 points to end the session at 1,878.61.
Following the closing bell, Microsoft reported its fiscal third-quarter earnings that were better than expected, posting earnings per share of 68 cents on revenue of $20.40 billion. Apple was up 8 percent, one day after an upbeat earnings report and the announcement of a 7 for 1 stock split.
Other companies reported earnings that fell short, including Starbucks and Visa. General Motors plunged as well, announcing profits that dropped approximately 86 percent from the same period in 2013. A series of recalls are attributed to the significant decrease.
Meanwhile, new car sales shifted into high gear this month. Representatives from J.D Power and Associates say numbers are on pace to be the best April since 2005.
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