The S&P 500 and Nasdaq dipped on Friday after a pair of bellwether corporate earnings fell short of lofty expectations, though a trio of strong results from Dow components kept the blue chip average in positive territory. Investors also kept an eye on Greece, where a debt deal appeared to be close.
IBM and other technology names lifted the Dow a day after IBM offered a strong outlook and results from several big-tech names signalled they were shaking off nervousness about economic growth and boosting technology spending. But weakness at both GE and Google pressured the broader indexes.
Google Inc slid 8.2 percent to $587.44 as the biggest drag on the benchmark S&P 500. The Internet search giant's quarterly profit and revenue missed expectations on declining search advertising rates. General Electric Co lost 0.5 percent to $19.05 after the conglomerate's revenues missed consensus forecasts. Fellow Dow component American Express Co dropped 2 percent to $49.94 as it set aside more money to cover bad loans.
International Business Machines Corp gained 4.3 percent to $188.28. Intel Corp rose 1.9 percent to $26.11, while Microsoft Corp advanced 4.8 percent to $29.47. The Dow Jones industrial average was up 63.88 points, or 0.51 percent, at 12,687.86. The Standard & Poor's 500 Index was down 2.51 points, or 0.19 percent, at 1,311.99. The Nasdaq Composite Index was down 5.57 points, or 0.20 percent, at 2,782.76.
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