Stocks mostly lower on weak earnings; UPS slips
NEW YORK (AP) — Weak earnings from big U.S. companies are nudging the stock market lower.
United Parcel Service, General Electric and others issued disappointing results or forecasts.
The Standard & Poor’s 500 index fell seven points, or 0.4 percent, to close at 1,838 Friday.
The Nasdaq fell 21 points, or 0.5 percent, to 4,197.
The Dow Jones industrial average rose, but mostly because of large gains in American Express and Visa.
The Dow rose 41 points, or 0.3 percent, to 16,458. Without the gains from Amex and Visa, the average would have been much lower.
Amex reported late Thursday that its income more than doubled in the fourth quarter.
Student loan company SLM fell 10 percent after its earnings missed expectations. The stock fell the most in the S&P 500 index.