Stocks edged lower on Wednesday, as investors awaited proof that corporate earnings will support recent strong gains.
Earnings season is now upon us, and no one is willing to make a bet after the two-day run-up without seeing the numbers. Today should be a day of less drama as the market gets ready to digest the (quarterly) results, said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.
The Dow Jones industrial average <.DJI> lost 32.50 points, or 0.33 percent, to 9,698.75. The Standard & Poor's 500 Index <.SPX> shed 1.87 points, or 0.18 percent, to 1,052.85. The Nasdaq Composite Index <.IXIC> dropped 1.82 points, or 0.09 percent, to 2,101.75.
One day before most retailers report same-store sales for September, Costco Wholesale Corp
Costco shares rose 3.5 percent to $59.95, and peer Family Dollar Stores Inc
Generally we're looking for companies to exceed expectations in the third quarter. The key will be what they did in terms of revenue growth between the second and third quarters, and what the guidance for 2010 will be, said John Canally, investment strategist and economist at LPL Financial in Boston.
AT&T said it will allow Internet voice calls on Apple's
Insurance risk specialist Verisk Analytics Inc
(Additional reporting by Ryan Vlastelica; editing by Jeffrey Benkoe)