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 The Nasdaq rose for a fifth straight session, boosted by strong
results at TripAdvisor, while the Dow felt the pressure from P&G and
ended the day slightly lower.
The S&P 500 gained 3.9 percent over the past four sessions, its best
four-day performance in 13 months. The move put it about 1.6 percent
below its record closing high of 1,848.38 set on January 15.
"There isn't a big discount to the market since valuations remain at
or approaching fair value, but we don't see it as overly expensive
since earnings are growing steadily," said Eric Teal, chief
investment officer of First Citizens Bancshares in Raleigh, North
Carolina. "We're seeing a better tone in the market after a rough
start to the month."
The recent advance came after Wall Street's sharpest drop in more
than a year, with a selloff triggered by turmoil in emerging
markets. Those issues still play into markets, with Procter & Gamble
saying its lower full-year earnings and sales outlook was related to
the devaluation of currencies in various developing markets.
Shares of P&G <PG.N> lost 1.7 percent to close at $77.49.
"Stocks that are closely tied to consumer spending patterns will see
some volatility ahead," said Teal, who helps oversee $3.5 billion in
assets.
The Dow Jones industrial average <.DJI> slipped 30.83 points, or
0.19 percent, to end at 15,963.94. The Standard & Poor's 500 Index
<.SPX> lost just 0.49 of a point, or 0.03 percent, to finish at
1,819.26. The Nasdaq Composite Index <.IXIC> gained 10.24 points, or
0.24 percent, to close at 4,201.29.
In other earnings news, TripAdvisor Inc <TRIP.O> was the S&P 500's
biggest percentage gainer, climbing 7.2 percent to $90.27 a day
after the travel website company reported revenue that beat
expectations.
Owens Corning <OC.N> shares jumped 8.7 percent to $43.20 after the
building products maker reported adjusted fourth-quarter profits
that more than tripled, driven by a rebound in the U.S. housing
market.
Of 365 companies in the S&P 500 that had reported earnings through
Wednesday morning, 67.7 percent have beaten profit expectations,
above the long-term average of 63 percent, according to Thomson
Reuters data. More than 66 percent have beaten revenue forecasts,
above the historical average of 61 percent.
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Still, there are signs of weakness, with 4.8 companies warning about
their first-quarter results for every one with positive guidance,
according to Thomson Reuters data.
After the market closed, Cisco Systems Inc <CSCO.O> shares fell
4.2 percent to $21.88 after the network equipment maker reported a
drop in revenue, though the decline was less than expected.
Whole Foods Market Inc <WFM.O> shares lost 6.4 percent to $51.90
after the largest U.S. natural and organic grocery chain cut its
full-year sales and profit view. NetApp Inc <NTAP.O> shares fell 3.7
percent in extended-hours trading following the company's release of
quarterly results after the market closed.
Amazon.com Inc <AMZN.O> fell 3.5 percent to $349.25 after UBS
downgraded the stock of the world's largest online retailer to
"neutral," while the shares of both Lorillard Inc <LO.N> and Intuit
Inc <INTU.O> slumped after their results.
Shares of tobacco company Lorillard fell 5 percent to $47.47. The
stock of mobile payment company Intuit dropped 4.1 percent to
$69.72.
AMCOL International Corp <ACO.N> surged 12.3 percent to $41.24 after
the U.S. minerals and materials group agreed to be acquired by
France's Imerys <IMTP.PA> for about $1.6 billion, including debt.
About 55 percent of the stocks traded on the New York Stock Exchange
closed higher on the day, while about 51.5 percent of Nasdaq-listed
shares ended in positive territory.
About 5.71 billion shares traded on all U.S. platforms, according to
BATS exchange data.
(Editing by Jan Paschal)
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