Dow, S&P flat after weak BofA, Google results

By @ibtimes on

The Dow and S&P were flat on Friday as a gauge of consumer inflation offset disappointing results from Bank of America Corp and Google Inc , while the Nasdaq composite index fell.

Bank of America reported a steeper-than-expected decline of 37.5 percent in profit and named a new chief financial officer. The stock, a Dow component, rose 0.8 percent to $13.24 after a volatile premarket session.

Google Inc late on Thursday unnerved investors with a large jump in first-quarter spending. The Internet company also reported an adjusted profit slightly under expectations and the stock fell 6.1 percent to $543.

Losses in stocks were limited after a government report showed underlying inflation pressures remained contained in March, though rising food and gasoline prices lifted the overall Consumer Price Index 0.5 percent. Investors have been concerned about how higher energy costs would impact consumers.

The Dow Jones industrial average <.DJI> was up 13.20 points, or 0.11 percent, at 12,298.35. The Standard & Poor's 500 Index <.SPX> was up 2.05 points, or 0.16 percent, at 1,316.57. The Nasdaq Composite Index <.IXIC> was down 9.79 points, or 0.35 percent, at 2,750.43.

The first week of earnings has been mixed, with bellwether companies unable to excite the market despite some cases of stronger-than-expected profits. Investors have been disappointed with companies' revenues or outlooks.

Charles Schwab Corp reported first-quarter earnings that beat expectations by a penny. The broker also said clients had reduced the percentage of their cash assets held in Schwab to pre-crisis levels. The stock rose 2.1 percent to $18.62.

A gauge of New York State manufacturing rose in April to its highest level in a year, and the state employment index jumped to its highest since May 2004, the New York Federal Reserve said.

(Editing by Kenneth Barry)

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