This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Jumbled Ahead of Company Earnings

NEW YORK ( TheStreet) -- Major U.S. stock averages closed mixed Tuesday as investors braced for bank earnings and processed a slew of economic reports.

Meanwhile, President Barack Obama, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke emphasized the necessity of raising the debt ceiling soon, an issue of concern for investors.

The Dow Jones Industrial Average rose 28 points, or 0.2%, to 13,535.

Breadth was slightly positive, with winners outnumbering losers 17 to 13. The biggest percentage blue-chip laggards included Hewlett-Packard (HPQ), AT&T (T), Merck (MRK) and Verizon (VZ).

JPMorgan Chase (JPM) shares moved higher after initially dipping at the open. The firm was ordered to take steps to correct poor risk management in connection with the multi-billion dollar trading loss it suffered last year.

Top gainers included Microsoft (MSFT), Caterpillar (CAT) and JPMorgan.

The S&P 500 was up 2 points, or 0.1%, to 1,472.

The Nasdaq slipped 7 points, or 0.2%, to 3,111 as Apple (AAPL) shares slid 3.2% to trade below $500.

The broader sectors were mixed. Sector advancers included capital goods, consumer non-cyclicals, consumer cyclicals and transportation. Decliners included healthcare and technology.

Volumes totaled 3.12 billion shares traded on the Big Board and 1.85 tillion on the Nasdaq. Advancers were edging decliners by a 1.3-to-1 ratio on the New York Stock Exchange, and a 1.2-to-1 ratio on the Nasdaq.

Ted Weisberg, president of Seaport Securities, said he thinks the stock market is suggesting the economy is doing "a little better than it might be." While the economic numbers this week are important, the focus, he stressed, remains on fourth-quarter earnings.

"The problem with the entire market and fourth-quarter earnings is that with the market trading at current levels, which for many of the popular averages are at or making new recovery highs, there leaves little room for disappointment," said Weisberg. "So when stocks get priced to perfection in a general sense, companies better get it right because if they don't, then the stocks are going to suffer. It doesn't mean we're going to throw the baby out with the bath water, but what it does mean is that there is little room for error."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
GCOM $0.00 0.00%
BSX $17.96 -2.10%
GMAN $8.32 -2.00%
AAPL $131.34 0.81%
FB $82.15 0.76%

Markets

DOW 18,056.63 -23.51 -0.13%
S&P 500 2,114.15 -3.54 -0.17%
NASDAQ 5,067.22 -24.8650 -0.49%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs