Updated from 4:18 p.m. EDT
Stocks in New York had an erratic session Wednesday and visited both positive and negative territory, but ultimately the major indices closed near their session lows after a late selloff.
Dow Jones Industrial Average
fell 82.99 points, or 1%, to 7886.57, while the
fell 6.53 points, or 0.8%, to 843.55. The
tacked on 2.27 points, or 0.1%, to 1646.12.
The major indices gave up 3% to 4% on Monday and then reclaimed about half of that this time, before retreating in the afternoon.
During the trading day, technology stocks were the strongest segment ahead of earnings from
. Both delivered better-than-expected results, sending their shares higher by 2.5% and 5%, respectively, after the regular session.
shares rose 13.4% to $15.54 after it topped estimates, and
gained 0.7% to $14.48 after announcing its quarterly numbers and a 5% workforce reduction.
Auto stocks rose early owing to a Goldman Sachs upgrade for the U.S. auto sector to neutral. The analysts also raised
rating to buy. Ford's shares were 12.6% higher at $4.28.
, however, gave up its early gains and ultimately lost 0.6% to $1.69, after
The Wall Street Journal
reported that the automaker's CFO has indicated it won't be able to make its June 1 debt payment of $1 billion.
, was the strongest component on the Dow, adding 3.4% to $32.45 a day after its earnings.
climbed 0.9% to $11.80 following its annual shareholder meeting. GE CEO Jeff Immelt said the recession was "difficult to predict" and that the downturn is the worst since the Great Depression.
weighed on financials after it reported that it swung to a first-quarter loss on a rebound in its bond prices. The company also is cutting its quarterly dividend 81% to 5 cents a share. Shares gave up 9% to $22.44.
shares lost 3.4% to $18.18 after staying in positive territory most of the day following its
. The bank posted a profit of $3.05 billion, in line with its prior forecast, as rising credit losses were offset by a surge in mortgage banking and benefits from the Wachovia acquisition. Revenue came in slightly higher than its forecast at $21.02 billion.
Elsewhere, aircraft and defense products manufacturer
missed analysts' profit and revenue expectations and lowered its full-year forecast, but shares rose 1.8% to $37.30.
posted a narrower-than-expected loss, but its revenue fell 17%. Shares dropped 9.3% to $13.60.
In other earnings, hamburger maker
beat on the top and bottom line in the first quarter, as profit increased 3.5%, and
reported a better-than-expected profit on sales that were slightly light. McDonald's fell 2.5% to $54.25, however, while AT&T ticked up 1.8% to $25.74.
The dollar was recently weaker against the yen and stronger vs. the pound and euro. Longer-dated Treasuries were falling. The 10-year was losing 11/32 to yield 2.9%, while the 30-year lost 1-2/32, yielding 3.8%.
As for commodities, oil fell 30 cents to settle at $48.85 a barrel, and gold rose $9.80 to $892.50 an ounce.