Stocks mostly treaded water on Wednesday before ending slightly higher.
Stocks managed to tread water on Wednesday amid a flurry of earnings announcements. All of the major indexes closed up, but none moved more than 1% for the day.
A big winner was Amazon.com Inc. which rose 15%, or $5.54 to close at $40.11. AOL Time Warner fell $1.14 a share, or 6.8%, to close at $15.71 despite nearly tripling its quarterly profit. Lingering accounting probes and loss of AOL subscribers apparently drove investors away from the stock. Sun Microsystems saw its stock slide 19.3%, or 92 cents, followings its ninth consecutive quarter of revenue decline.
The Dow Jones industrials rose 13.08 points, or 0.8%, to close at 9,194.24. The Nasdaq composite index rose 13.08 points, or 0.8%, to close at 1,719.18. The S&P 500 rose .50 points, or 0.05%, to end at 988.61.
The Nasdaq-100 tracking stock closed at $31.60, up 26 cents, or 0.8%, for the day on volume of 67 million shares. Our InformationWeek 100 rose 1.35 points, or 0.5%, to close at 254.37.
"The earnings picture has been mixed--one day you have some pretty good earnings and guidance, the next day you get some not-so-great earnings and guidance," Jeff Swensen, senior trader at John Hancock Funds, told The Associated Press. "That's creating a lot of volatility in the market."
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.