US stocks drift as corporate profits disappoint
NEW YORK (AP) — Stocks are wavering between small gains and losses in early trading as US companies report mixed earnings news.
Alcoa rose as aluminum demand increased, but KFC owner Yum brands and Costco fell after reporting disappointing results.
The Dow Jones industrial average was flat at 14,775 shortly after trading began Wednesday.
The Standard & Poor’s 500 index was down less than a point at 1,654 and the Nasdaq composite fell 19 points, or 0.5 percent, to 3,674.
Later Wednesday President Barack Obama is expected to nominate Janet Yellen to head the Federal Reserve. Yellen has been a key ally of Fed Chairman Ben Bernanke and has piloted the bank’s massive bond-buying program.
Men’s Wearhouse soared after Jos. A. Bank Clothiers said that it’s bidding $2.3 billion for the company.