US stock indexes mixed in afternoon trading; oil rising
U.S. stock indexes were mostly lower in afternoon trading Friday as investors sized up the latest batch of company earnings. Phone company stocks were down the most, followed by banks and materials companies. Technology stocks led the gainers. Energy companies also rose as the price of crude oil headed higher.
KEEPING SCORE: The Standard & Poor's 500 index slipped 4 points, or 0.2 percent, to 2,384 as of 1:47 p.m. Eastern time. The Dow Jones industrial average fell 42 points, or 0.2 percent, to 20,940. The Nasdaq composite fell 1 point to 6,047. Small-company stocks fell more than the rest of the market. The Russell 2000 index gave back 13 points, or 0.9 percent, to 1,404. Nearly two stocks fell for every one that rose on the New York Stock Exchange.
NOT FOR SALE: Magazine publisher Time Inc. plunged 19.7 percent after the company said it has decided not to sell itself. The stock shed $3.60 to $14.70.
OUT OF SYNC: Synchrony Financial slumped 15.5 percent after the lender's latest earnings fell well short of Wall Street's estimates. The stock was the biggest decliner in the S&P 500, sliding $5.11 to $27.94.
WEAK BREW: Starbucks fell 2.5 percent after the coffee chain's sales growth at established locations was weaker than expected. The company also posted fiscal second-quarter earnings that matched Wall Street's expectations. The stock shed $1.55 to $59.75.
FEELING LUCKY: Shares in Google's parent company Alphabet gained 4.3 percent after the internet giant reported better-than-expected quarterly results thanks partly to a big jump in advertising revenue. The stock added $37.93 to $929.37.
DELIVERED: Amazon.com rose 1.7 percent after the online retailer posted solid first-quarter results. The stock picked up $15.31 to $933.69.
CRUISIN': Shares in two major cruise line operators headed higher. Royal Caribbean Cruises gained $8.81, or 8.8 percent, to $109.31, while Carnival rose 97 cents, or 1.6 percent, to $61.95.
MARKETS OVERSEAS: In Europe, Germany's DAX was flat, while France's CAC 40 slipped 0.1 percent. London's FTSE 100 index lost 0.5 percent. In Asia, indexes mostly fell. Tokyo's Nikkei 225 lost 0.3 percent, while Hong Kong's Hang Seng declined 0.3 percent. Seoul's Kospi shed 0.2 percent.
CURRENCIES: The eurozone inflation data pushed the euro up sharply as it raised speculation that the central bank may not keep its stimulus program in place as long as expected. It was up to $1.0901 from $1.0882 on Thursday. The dollar strengthened to 111.45 yen from 111.23 yen.
ENERGY: Benchmark U.S. crude was up 24 cents, or 0.5 percent, to $49.21 per barrel in New York. Brent crude, used to price international oils, was up 16 cents, or 0.3 percent, to $51.98 a barrel in London.
BOND YIELDS: Bond prices edged higher. The 10-year Treasury yield slipped to 2.29 percent from 2.30 percent late Thursday.