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.
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.