US indices mixed on earnings reports
Results were mixed on Wall Street Friday as
earnings fell at General Electric and US President Barack Obama met with
congressional leaders to push his 825-billion-dollar economic stimulus package,
General Electric profits were down by 44 per cent in the last quarter of 2008 to 3.65 billion dollars. Its shares fell 11 per cent to push down the Dow Jones Industrial Average.
But internet search giant Google buoyed the technology-heavy Nasdaq Composite Index, after it beat analyst expectations even as its profits fell 68 per cent to 382 million dollars for the quarter. The blue-chip Dow shed 45.24 points, or 0.6 per cent, to 8,077.56. The Standard and Poor's 500 Index gained 4.45 points, or 0.5 per cent, to 831.95. The Nasdaq added 11.80 points, or 0.8 per cent, to 1,477.29.
Obama met with Republican and Democratic lawmakers on Friday urging both parties to get behind his economic stimulus package.
Obama wants legislation authorizing the 825-billion-dollar package that includes tax cuts and spending to pull the United States aimed at ending the recession and creating jobs. Republicans have balked at the size of the measure.
For the trading week, which lasted just four days due to the Martin Luther King Jr holiday on Monday, the S&P 500 dropped 2.1 per cent and the Dow fell 2.5 per cent.
The US currency rose against the euro to 77.07 euro cents from 76.91 euro cents on Thursday. The dollar fell against the Japanese currency to 88.76 yen from 88.80 yen.