By MATT JARZEMSKY
NEW YORK—Upbeat earnings from Boeing
helped the Dow industrials rise for the first time in four days.
The Dow Jones Industrial Average rose 58.73 points, or 0.5%, to 12676.05. The blue-chip benchmark had fallen at least 100 points in each of the previous three sessions.
The Standard & Poor’s 500-stock index, meanwhile, edged down 0.42 point, or less than 0.1%, to 1337.89, its fourth-straight daily loss. Technology shares led declines in four of the index’s 10 sectors as Apple,
the world’s biggest company by market capitalization, posted its biggest drop since October.
The technology-heavy Nasdaq Composite Index retreated 8.75 points, or 0.3%, to 2854.24.
Apple reported earnings and revenue that missed analysts’ forecasts, as iPhone sales rose less than anticipated. That marked only the second time in the past 39 quarters that results missed expectations.
Shares of Boeing rose, leading the Dow higher, after the company raised its financial projections for the year on higher international defense and commercial-jet sales.
Caterpillar gained 1.4% after the world’s biggest seller of bulldozers, excavators and other earth-moving machinery boosted its profit forecast, despite widespread fears the global economy could worsen.
“The industrial side of the economy is putting up good numbers in the face of weakening economic data,” said Mike Gibbs, co-head of the equity advisory group at Raymond James Financial, which oversees $380 billion in assets.
Weighing on the broader market, sales of newly built homes in the U.S. dropped more than expected, to the lowest level in five months in June, according to the Commerce Department.
“Housing data kind of put a damper on the direction of the day,” said Seth Setrakian, co-head of U.S. equities at First New York Securities, a brokerage firm. “People are realizing the slowing economy is starting to weigh on various sectors.”
European markets bounced between gains and losses. The Stoxx Europe 600 shed 0.1% amid muted economic readings. But Spain’s IBEX 35 added 0.8%.
Asian markets fell on the back of extended losses in the U.S. and Apple’s disappointing results, with Japan’s Nikkei Stock Average shedding 1.4% and China’s Shanghai Composite losing 0.4%.
Crude-oil futures gained 0.5% to settle at $88.97. Gold futures climbed 2% to finish at $1,608.00 a troy ounce, the biggest advance in nearly a month.
In other earnings news, Netflix
tumbled, the biggest slide among S&P 500 components after giving a downbeat outlook for the third quarter.
rose after the pharmaceutical company reported better-than-expected second-quarter results and raised its full-year earnings outlook.
plunged after the electronics seller reported a surprise second-quarter loss on lower consumer-electronics sales and a disappointing gross margin rate, and suspended the payment of its dividend.
poised to be the largest U.S. health insurer after its planned acquisition of Amerigroup,
slid after lowering this year’s projections for earnings and membership.
Health-food store chain Natural Grocers by Vitamin Cottage
jumped on its first day of trading. The company’s initial public offering priced at the high end of its expected range.
Write to Matt Jarzemsky at email@example.com