The S&P 500 and the Nasdaq were higher Friday, led by technology and telecom stocks, while the Dow's gains were limited by industrials after GE's disappointing results. GE, long considered a bellwether for the US economy, dropped 2.2 percent after its reported weak demand for new oil, gas and transportation equipment. Honeywell fell 3.3 percent after lowering its full-year sales forecast on weak demand from airplane makers.
GE was the biggest loser on the Dow and the top drag on the S&P 500. The industrials sector was down 0.4 percent, the only decliner among the 10 major S&P 500 sectors. "The markets are biding time to see what the next set of earnings bring," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. At 12:19 pm ET (1619 GMT), the Dow Jones Industrial Average was up 23.29 points, or 0.13 percent, at 18,540.52.
The S&P 500 was up 6.49 points, or 0.3 percent, at 2,171.66. The Nasdaq Composite was up 23.94 points, or 0.47 percent, at 5,097.85. The S&P and the Nasdaq are on pace to mark their fourth-straight week of gains, while the Dow its third week. The nine advancing S&P indexes were led by a more than 1 percent rise in telecom stocks and utilities. AT&T was up 1.5 percent after its results. Verizon rose 1 percent.