Wednesday, January 22, 2014
NEW YORK (AP) — Stocks are little changed after a mixed batch of company earnings.
IBM dropped 3 percent after its revenue fell short of what investors were expecting. Norfolk Southern climbed 5 percent after the rail company said its fourth-quarter profit rose as shipping volume grew.
The Standard & Poor's 500 index rose a point to close at 1,844 Wednesday. The Dow Jones industrial average was down 41 points, or 0.3 percent, at 16,373. The Nasdaq composite rose 17 points, or 0.4 percent, to 4,243.
Coach slumped 6 percent after the luxury goods maker reported a lower quarterly profit, citing weakness in women's bags and accessories in North America.
Small-company stocks are doing better than large ones since the beginning of the year, continuing a trend from 2013.