U.S. Stocks Fall as Results From GE to Intel Disappoint

Bloomberg (18/01) -- Most stocks fell, dragging the Standard & Poor’s 500 Index lower for the week, as earnings from companies including General Electric Co.  and Intel Corp. disappointed investors.

General Electric lost 2.3 percent as margins at its manufacturing units fell short of projections. Intel dropped 2.6 percent as its revenue forecast raised concern the personal-computer market is struggling to grow. United Parcel Service Inc.  slid 0.6 percent as it projected earnings below analysts’ estimates. American Express climbed 3.6 percent after reporting fourth-quarter profit doubled. The S&P 500 fell 0.4 percent to 1,838.57 at 4 p.m. in New York. The Dow Jones Industrial Average rose 38.28 points, or 0.2 percent, to 16,455.29 as American Express and Visa Inc. surged. Trading of S&P 500 stocks was 42 percent above the 30-day average, ahead of the expiration of options contracts today. Markets will close on Jan. 20 for the Martin Luther King Jr. Day holiday. U.S. stocks fell yesterday, dragging the S&P 500 from a record, as Best Buy Co. tumbled after holiday sales declined and earnings at companies from Citigroup Inc. to CSX Corp. disappointed investors. The benchmark gauge is down 0.5 percent this year after jumping 30 percent in 2013 for the biggest annual gain since 1997.