US: Stocks end low-key session with slight gains

WALL Street stocks closed slightly higher on Friday (Apr 21), concluding a lackluster week on a benign note ahead of next week’s deluge of major earnings reports.

Stocks traded within a narrow range for most of the day, extending a choppy period in a week with few major economic releases.

The Dow Jones Industrial Average ended 0.1 per cent higher at 33,808.96.

The broad-based S&P 500 also edged up 0.1 per cent to 4,133.52, as did the tech-rich Nasdaq Composite Index, which stood at 12,072.46.

Investors mostly focused on corporate earnings, which were mixed.

But analysts said this week’s results were a warm-up for next week’s heavy schedule involving tech giants like Apple and Microsoft, along with blue-chip companies such as Boeing and McDonald’s.

“Markets are in wait-and-see mode ahead of the tech earnings next week,” said Angelo Kourkafas of financial services firm Edward Jones. He also pointed to an upcoming Federal Reserve policy decision.

“These are going to be the next two catalysts,” he said.

Procter & Gamble jumped 3.5 per cent after reporting better-than-expected results as pricing increases boosted sales.

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Among other companies reporting results, shares of CSX rose 3.3 per cent, while those of Schlumberger dropped 4.2 per cent.

Ride-hailing firm Lyft jumped 6.1 per cent following a Wall Street Journal report which said more than 1,200 jobs could be eliminated, but the company declined to comment on a specific figure. AFP