Stocks in U.S. Hold Near Flat Line

Wall Street is narrowly mixed Friday morning following the prior session's decline.
Author:
Publish date:

Updated from 9:58 a.m. EDT

Wall Street was little changed Friday morning as stocks searched for direction in the final session of the week.

The

Dow Jones Industrial Average

was rising 12 points to 7412, and the

S&P 500

was down 1 point at 783. The

Nasdaq

was tacking on 5 points to 1488.

On Thursday, the major indices closed lower, but stocks have been rallying for the most part in the past week and a half. Last time out, the Dow fell 85.78 points, or 1.2%, to 7400.80, while the S&P 500 gave up 10.31 points, or 1.3%, to 784.04. The Nasdaq lost 7.74 points, or 0.5%, to 1483.48.

Image placeholder title

Among stocks,

Citigroup

(C) - Get Report

was up 0.8% to $2.62 following word that Chief Financial Officer Gary Crittenden has been appointed chairman of Citi Holdings, and Edward Kelly, the head of global banking, will take over the bank's leading finance position.

General Electric

(GE) - Get Report

was down 3% at $9.83 after having its earnings estimates cut at Citi and Credit Suisse.

Shares of

Sony

(SNE) - Get Report

and

Ericsson

(ERIC) - Get Report

were both weaker after

Sony Ericsson

, their electronics joint venture, said it would post a first-quarter pretax loss amid falling sales. Sony was down 1%, and Ericsson was off 8%.

Xerox

(XRX) - Get Report

was another early sluggish name, falling 8% to $4.91 in the wake of its reduced earnings forecast. The company now expects a first-quarter profit of 3 cents to 5 cents a share, well below the earlier outlook of 16 cents to 20 cents.

Commodities were mixed overall, but gold and crude oil were retreating. Oil was down 97 cents at $50.64 a barrel at the New York Mercantile Exchange, and gold was losing $8.30 at $950.50 an ounce.

The dollar, battered since the

Federal Reserve

announced plans Wednesday afternoon to inject new capital into the economy, was strengthening against the euro, the pound and the yen.

As for the Treasury market, the 10-year note was up 8/32 in price, yielding 2.57%, and the 30-year bond was adding 7/32 to yield 3.62%.

Overseas, London's FTSE 100 was up 0.8% at 3846, and Frankfurt's Dax and the Paris Cac were higher by 0.5% each. Tokyo's Nikkei was closed for a holiday, but the Hong Kong Hang Seng fell 2.3% to 12,884.