(3 Feb 2009) HEADLINE: Jan. 23: Wall Street off earlier lows on tech
CAPTION: Investors’ ambivalence about earnings reports left Wall Street with a mixed performance Friday. (Jan. 23)
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Investors’ ambivalence about corporate earnings has left Wall Street with a mixed day.
Better-than-expected results from Google helped technology shares, but lackluster numbers from General Electric reinforced investors’ concerns about the depths of the recession.
While the 46 percent drop in GE’s earnings met Wall Street’s lowered expectations, investors are worried the company will reduce its dividend and lose its coveted triple-a credit rating. GE shares ended down $1.45 at $12.03
The Dow Jones industrial average ended the day down 45 at the 8,077. The Standard & Poor’s 500 index closed up 4 at 832, while the Nasdaq composite index gained 12 at 1,477.
In other corporate news, The Wall Street Journal is reporting drug maker Pfizer is in talks to acquire rival Wyeth in a deal valued at more than $60 billion. Citing unidentified sources, the Journal said the discussions have been going on for months, but a deal is not imminent.
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