Stocks wavered in mixed trading on Wall Street Friday as companies continued reporting mostly solid earnings. The S&P 500 rose 0.1% in afternoon trading Friday.
The index is on track to log its first losing week since early September. The Dow Jones Industrial Average fell 210 points, or 0.5%, to 42,163, as of 3:12 p.
m. Eastern. The Nasdaq composite rose 0.
7% and is on pace for its seventh consecutive weekly gain. Both the S&P 500 and the Dow have been generally falling back from record highs set late last week. The market has been more cautious amid worries that stocks have become too expensive.
Higher Treasury yields, which make stocks less appealing to investors, also added more pressure. “There’s a degree of exhaustion following a very steady move higher,” said Mark Hackett, chief of investment research at Nationwide. “It's just natural after that kind of move to have a period of sideways movement.
” Earnings have been a key focus for investors this week. The latest round of corporate profit reports could give Wall Street a better sense of whether the high stock prices are justified. Capital One Financial jumped 6.
2% after beating Wall Street’s third-quarter financial forecasts. Ugg footwear maker Deckers Outdoor climbed 10.6% after raising its financial forecast for the year.
Strong earnings drove gains for several other companies. Technology companies L3Harris Technologies rose 3.6% and Western Digital rose 5.
7%. More than a third of companies in the S&P 500 i.
