Weak corporate earnings reports weigh on stocks
BY Staff and Wire Reports
Saturday, October 27, 2012
10/27/12 at 4:28 AM
Stocks closed mostly lower Friday after investors found little to like in weak corporate earnings reports and news of only tepid growth in the U.S. economy in the third quarter.
The Dow Jones industrial average managed a gain of 3.53 points to close at 13,107.21 after spending much of the day in the red.
The Standard & Poor's 500 index fell 1.03 points to 1,411.94, and the Nasdaq composite rose 1.83 points to 2,987.95.
Stocks rose in the morning before a mild midday sell-off, then recovered somewhat in the afternoon.
The morning gains came after the Commerce Department estimated that the U.S. economy expanded at a 2 percent annual rate from July through September. That was better than the previous quarter, and better than analysts expected, but not strong enough to bring down the unemployment rate.