Stocks were mixed on Wednesday, Jan. 24, with the Dow scoring a new record close and the S&P 500 and Nasdaq finishing lower.
Stocks got a boost early Wednesday from a decline in the dollar to three-year lows after Treasury Secretary Steve Mnuchin told an audience in Davos, Switzerland, that a weakening greenback would be good for American trade. However, Mnuchin, the first of the U.S. delegation to arrive at the forum, said that Donald Trump was "determined to deal" with unfair foreign competition. Trump is expected to arrive in Davos on Thursday.
The Dow Jones Industrial Average gained 0.16% to finish at 26,252. The S&P 500 declined 0.06% and the Nasdaq dropped 0.61%.
GE reported fourth-quarter adjusted profit of 27 cents a share, 2 cents below analysts' forecasts. Revenue of $31.402 billion came in sharply below estimates.
However, GE said it expects 2018 adjusted earnings of $1 to $1.07 a share vs. estimates of $1.
The stock turned lower after rising earlier Wednesday. It came off its highs after GE said the Securities and Exchange Commission was investigating the company's $6.2 billion insurance charge announced last week. GE said it was "cooperating fully" with the SEC investigation.
- SEC Probe a 'Headline Risk' for General Electric
- GE Stock Erases Gains After Weak Earnings, SEC Probe
United Technologies Corp. earned $1.60 a share in the fourth quarter, beating estimates of $1.56. Revenue of $15.7 billion came in higher than forecasts of $15.36 billion. The stock fell 0.29%.
Comcast Corp. (CMCSA) - Get Report posted modestly stronger-than-expected fourth-quarter earnings and boosted its dividend and share buyback plans after booking a one-time $12.7 billion gain from the recent overhaul of the U.S. tax code. The stock fell 0.3%.
Apple shares declined on Wednesday after an analyst at JPMorgan Chase & Co. saying that iPhone X demand was weakening.
Analyst Narci Chang slashed iPhone X sales estimates by 33%, and forecast iPhone X production will be down 50% sequentially this quarter. In a research note, Chang said that "high-end smartphones are clearly hitting a plateau this year."
Texas Instruments Inc. (TXN) - Get Report tumbled 8.5% after the chipmaker failed to top Wall Street's bottom-line expectations for the first time in at least two years, and said it expects first-quarter earnings of between $1.01 and $1.17 a share on revenue between $3.49 billion and $3.79 billion. Wall Street predicts first-quarter earnings of $1.06 a share on revenue of $3.63 billion.
- Texas Instruments Is Presenting Investors With a Great Buying Opportunity
- Texas Instruments Short-Circuits on Tepid Top-Line Guidance
United Continental Holdings Inc. (UAL) - Get Report fell 11% Wednesday after the parent of United Airlines said it would have to increase capacity in the near term as it battles low-cost carriers and higher oil prices in what looks increasingly like a price war for the domestic airline sector.
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European stocks rose on Wednesday, while Asian shares finished Wednesday's session to the upside. Existing home prices in the U.S. in December fell 3.6%, more than economists' estimates of a decline of 1.5%.
West Texas Intermediate crude oil, the U.S. benchmark, rose 0.76% to $64.96 a barrel. The U.S. Energy Information Administration reported that domestic crude supplies fell 1.1 million barrels for the week ended Jan. 19, narrower than a decline of 1.6 million barrels expected by analysts at S&P Global Platts.
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