Stocks slightly higher as oil prices reverse decline
NEW YORK (AP) -- Stocks are mostly higher in midday trading Friday, as investors worked through another mixed batch of corporate earnings, this time from positive results from Google's parent company Alphabet and Amazon, and disappointing results from oil giants Chevron and Exxon Mobil.
The Bank of Japan disappointed investors with stimulus plans that didn't go as far as many had hoped. An earlier slump in oil prices reversed, helping the broader market.
KEEPING SCORE: The Dow Jones industrial average lost 10 points, or 0.1 percent, to 18,446 as of 11:55 a.m. Eastern. The Standard & Poor's 500 index rose five points, or 0.2 percent, to 2,175 and the Nasdaq composite rose 16 points, or 0.3 percent, to 5,171.
LOW ENERGY: Exxon Mobil and Chevron declined after both companies reported steep drops in quarterly earnings due to low oil prices. Exxon Mobil had its smallest quarterly profit in 17 years, well below what analysts were looking for. Chevron fared slightly better. While earnings dropped sharply from a year ago, Chevron's results still beat analysts' expectations. Exxon fell $2.14 to $88.06 and Chevron fell 280 cents to $101.54.
A-B-C: Alphabet, the parent company of Google, jumped $36.68, or 5 percent, to $802.52. The company reported earnings of $8.42 a share, well above the $8.04 that analysts were looking for.
STRONG SALES: Amazon shares rose $12.21, or 1.5 percent to $764.82. The online retail giant reported a profit of $1.78 per share, well above the $1.11 a share that analysts expected. Amazon reported it sold $30.4 billion in goods in the quarter, up 31 percent from a year earlier.
CRUDE OIL: In energy trading, benchmark U.S. crude reversed earlier losses and was up 13 cents to $41.27 on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 10 cents to $43.13 a barrel in London.
JAPAN SURPRISE: Japan's central bank ended a policy meeting Friday by announcing it will expand purchases of exchange traded funds from financial institutions to help inject more cash into the world's third-largest economy and pursue its 2 percent inflation target. But the measures fell short of hopes for more aggressive action. That helped the yen surge as investors priced in fewer yen in circulation. The dollar dropped to 102.35 yen from 105.45 yen.
BONDS, CURRENCIES: Bond prices rose. The yield on the benchmark U.S. 10-year Treasury note falling to 1.48 percent from 1.51 percent the day before. The euro rose to $1.1167 from $1.1073.