|
The Standard & Poor's 500 closed down 7.63 points, or 0.6 percent, at 1,318.43. It was dragged lower by volatile financial companies and telecommunications firms including AT&T. Its post-crisis peak was 1,370.58, also set May 2, 2011. The Nasdaq shed 13.03 points, or 0.5 percent, to close at 2,805.28. Stocks had their highest close in eight months Wednesday after the Federal Reserve said it plans to keep interest rates extremely low until late 2014 to encourage lending and investment and support the economic recovery. The yield on the 10-year Treasury note fell to 1.93 percent late Thursday from 1.99 percent late Wednesday. The prospect of more bond-buying by the Fed helped make Treasurys more attractive. A bond's yield falls as demand for it increases. Among the other U.S. companies making big moves after reporting quarterly earnings: - Time Warner Cable Inc. rose 7.8 percent after the company reported earnings far above analysts' estimates. It also raised its dividend 17 percent to 56 cents per share and announced plans to buy back more of its own stock. - United Continental Holdings, parent of United and Continental airlines, surged 6.3 percent. Its fourth-quarter loss narrowed, its adjusted earnings were more than double what analysts had expected, and the cost of integrating the two companies fell. - Netflix soared 22.1 percent, the most of any stock in the S&P 500, after the video streaming and DVD-by-mail company reported a huge gain in customers and a bigger fourth-quarter profit than analysts had expected. - Colgate-Palmolive rose 1.9 percent after saying it will raise prices in the U.S. for the first time in years to cover higher costs for materials. The company's profit declined last quarter, but core sales in emerging markets were much stronger.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor