New York, NY, United States (AHN) – Wall Street opened mixed to lower Friday morning following earnings reports from General Eclectic and Google that disappointed.
Just after the opening bell, the Dow Jones Industrial Average was flat, the S&P 500 Index was down 3 points and the NASDAQ fell 9 points.
Weighing on stocks was an earnings report from Dow component General Electric. Shares of GE dropped more than 2 percent after the largest U.S. conglomerate reported roughly flat profit from continuing operations, and revenues that missed estimates.
Meanwhile, Internet giant Google tumbled more than 8 percent, or 52.38, to 586.66, after the search engine reported quarterly profit and revenue that missed Wall Street estimates. Google blamed the shortfall on declining search advertising rates.
Microsoft shares rose 3 percent after decent earnings, and IBM rose $4.87 to $185.45 after giving a strong outlook on a strong earnings report.
Investors are still keeping a close eye on developments in Europe regarding the sovereign debt crisis.
Greece and its private bondholders were “converging toward” a long-awaited debt swap deal, with an initial agreement coming as early as Friday that would prevent a default from Greece.
In commodities, oil was trading off $1.19 to $99.20 a barrel, and gold was down $1.20 to $1,652.90 a troy ounce.
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