The Dow Jones Industrial Average
and the S&P 500 both closed slightly lower amid mixed earnings. However,
the technology sector was buoyed as shares of Apple rallied on positive reports. The Dow Jones Industrial Average
fell 25.5 points to 15,542, the S&P 500 declined 6.5 points, to 1,686 and
the Nasdaq Composite climbed 0.3 points to 3,580.
Apple (AAPL) reporting
earnings that exceeded expectations after the market close on Tuesday. Shares
rallied giving a boost to the Nasdaq composite.
Boeing's (BA) quarterly results were well ahead of estimates, sending shares
of the aerospace giant climbing.
AT&T (T) reported weaker-than-expected profits, but only missed expectations
slightly. But with sales that topped analysts' estimates, shares dipped only slightly.
Caterpillar (CAT) weighed in with disappointing
results and a gloomy full-year outlook sending shares lower.
The Commerce Department reported
sales of new, single-family homes rose 8.3% in June to an annual rate of
497,000 units, beating expectations of 482,000. It was the highest reading in
five years. The housing market has recently been showing signs of life, but the
recovery has been choppy because of interest rate jumps.
Oil futures dipped 5 cents, or
0.05%, to $107.18 a barrel. Gold rose $6.70, or 0.5%, to $1,342 a troy ounce.