US stocks finish mixed
US stocks ended mixed but mostly higher today, with Caterpillar’s lacklustre results dragging down the Dow Jones industrials while strong earnings from Google led a broader rally on the market.
The unsettled session closed out a turbulent week for Wall Street as troubling economic data renewed fears about inflation, overshadowing mostly positive third-quarter profit reports from the US’s biggest companies.
Investors looking for signs of the market’s direction sent the Dow climbing more than 100 points on Wednesday, but took back the gains a day later.
Although corporate earnings have so far been favourable, the market is still battling three major headwinds – rising interest rates, inflation and high energy prices, said Michael Sheldon, chief investment strategist at Spencer Clarke LLC.
“Right now, I think the market needs a catalyst in order to get out of this difficult environment,” Sheldon said.
“Hopefully if oil prices continue to decline and move back into the mid 50 dollars, that could turn sentiment more positive on Wall Street.”
The Dow fell 65.88, or 0.64%, to 10,215.22, after sinking almost 90 points in morning activity.
Meanwhile, the broader stock indicators advanced. The Standard & Poor’s 500 index added 1.79, or 0.15%, to close at 1,179.59, and the Nasdaq composite index jumped 14.1, or 0.68%, to 2,082.21.
