Stock indexes waver in early trade on earnings
NEW YORK (AP) — Stock indexes are stuck in a tight range in early trading as investors consider a mixed batch of company earnings.
Facebook slumped 7 percent Wednesday after the company warned investors that it will spend significant amounts of money next year on its work force and developing its services.
Orbital Sciences plunged 14 percent after its unmanned rocket bound for the International Space Station exploded moments after liftoff late Tuesday. Videogame maker Electronic Arts rose 5 percent after its earnings came in ahead of analysts’ estimates.
The Standard & Poor’s 500 rose a point to 1,986 as of 9:35 a.m. Eastern.
The Dow Jones industrial average gained 27 points, or 0.2 percent, to 17,033. The Nasdaq composite fell nine points, or 0.2 percent, to 4,555.