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(EstateNewsWire.com, November 10, 2012 ) San Francisco, CA- Stocks on Wall Street ended Monday with little change. Global growth worries were balanced by earnings reports that were better than expected.
Apple Inc. shares rose 4%, and technology stocks in general gained the most Monday, leading the Nasdaq to close 0.4% higher, or 11.33 points, at 3,016.96. A report on Apple’s results is expected Thursday.
The Dow Jones industrial average closed at 13,345.89 after a slight rise of 0.02%, or 2.38 points. The Standard & Poor’s 500 ended at 1,433.82, up 0.04%, or 0.63 points.
Caterpillar failed to meet revenue projections but performed better than expected in profit. The heavy equipment-maker’s stock rose 1.5% to $85.08 by the end of the day. But because of declining demand globally, Caterpillar reduced its forecast for 2012. It was the second time the company has done so this year.
Although many companies’ revenue is weak, earnings have been stronger than many predicted.
“The issue with the earnings reports is the outlooks for the next year and next quarter are maybe a little worse than people expected,” said Bryant Evans, a portfolio manager and investment adviser at Cozad Asset Management in Champaign, Ill., according to Reuters.
Thompson Reuters has found that 60.2% of S&P 500 companies had better earnings than expected, but 61% fell short of revenue predictions. Reuters studied the reports of 123 companies. Earnings in the third quarter are expected to be down 2.4% from last year.
Mining company Freeport-McMoRan reported a third-quarter drop in profit, and its shares took a hit, falling 1.5% to $40.58. Another mining company, however, enjoyed an 11.8% bump after a better-than-expected quarterly report. Shares in coal miner Peabody Energy Corp. ended at $28.95.
After the bell, Yahoo rose 4.2% to $16.43, and chipmaker Texas Instruments declined 0.04% to $27.78.
Trading volume on the New York Stock Exchange, the Nasdaq and the NYSE MKT was 5.8 billion shares.
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