Weak company earnings keep stock market in check
- Associated Press
- January 17, 2014 - 8:50 AM
NEW YORK — More weak earnings results from U.S. companies are keeping stocks in check in early trading.
United Parcel Service slumped 3 percent after warning investors that its fourth-quarter income would be lower than previously anticipated. UPS said it had to hire far more temporary workers than it planned during the holiday season to accommodate a rush of online shopping orders.
The Standard & Poor's 500 index was down two points, or 0.1 percent, at 1,843 in early trading Friday.
The Dow Jones industrial average edged up three points, 0.03 percent, to 16,423 and the Nasdaq composite fell five points, 0.1 percent, to 4,213.
Student loan company SLM Corp. dropped 8 percent after its earnings fell short of analysts' expectations. Intel fell 4 percent, the most in the Dow.
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