The Dow industrials gained on Thursday on strong earnings reports from several components, while the Nasdaq fell on weakness in Ericsson and other technology names. A number of Dow members reported better-than-expected results, with 3M Co, Travellers Cos Inc, AT&T Inc and McDonald's Corp all rallying on profit beats. While more than 70 percent of S&P 500 companies have exceeded expectations so far this earnings season.
According to Thomson Reuters data, investors are concerned the market has overvalued future prospects in a weak economic environment. The Dow Jones industrial average gained 47.31 points, or 0.48 percent, to 9,996.89. The Standard & Poor's 500 Index rose 0.23 points, or 0.02 percent, to 1,081.63. The Nasdaq Composite Index shed 7.70 points, or 0.36 percent, to 2,143.01.
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