Stocks end lower Wednesday

Stocks end lower Wednesday”

USA stocks looked set to open higher on Wednesday as investors moved on to the next set of earnings reports, a day after Wall Street lost some ground due to weak results from some corporate heavyweights.

The gains began to fade around noon as oil prices and energy companies sagged.

At 11:01 a.m. ET, the Dow Jones Industrial Average .DJI was down 23.46 points, or 0.11 percent, at 20,499.82, the S&P 500 .SPX was up 6.27 points, or 0.27 percent, at 2,348.46 and the Nasdaq Composite .IXIC was up 35.50 points, or 0.61 percent, at 5,884.97.

Dow e-minis 1YMc1 were up 22 points, or 0.11 percent, with 17,761 contracts changing hands.

The Nasdaq composite rose 13.56 points, or 0.2 percent, to 5,863.03 as health care companies climbed.

Tepid quarterly numbers from Goldman Sachs (GS.N) and Johnson & Johnson (JNJ.N) raised worries about pricey market valuations and pulled the major USA stock indexes lower on Tuesday.

Shares of Morgan Stanley rose by 2% after the financial services giant reported better than expected first quarter results.

Investment bank Morgan Stanley jumped 3.3 percent in the first few minutes of trading Wednesday after reporting higher earnings than analysts were expecting, thanks partly to strong trading results.

US first-quarter earnings so far have been mostly stronger than expected.

Dow blue-chip IBM Corp (NYSEARCA:IBM) plunged almost 5% after the technology juggernaut posted disappointing first quarter results.

The Russell 2000 is 21.89 points, or 1.6 percent. Elsewhere, Charles Schwab rose 71 cents, or 1.9 percent, to $38.62 and Prudential climbed $1.42, or 1.4 percent, to $104.99. Shares of other big U.S. banks rose in tandem.

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HIGH-TECH TROUBLE: Technology and consulting company IBM slumped after a weak sales report. Equipment and software maker Rockwell Automation climbed $1.11 to $150.64.

In the U.S. Treasury market, bond yields rose after a rally on Tuesday sent yields to five-month lows prompted by concerns about the French election and rising geopolitical tensions.

The Dow closed about 120 points lower with IBM accounting for 57 of those points, while Goldman Sachs added 10 points to the downside.

CHOPPY CHOPPER SALES: Textron, which makes Cessna small planes and Bell helicopters, also disclosed lower-than-expected sales. Its stock gave up 98 cents, or 2.1 percent, to $46.36. The company also said it will buy $6.9 billion in education loan assets from JPMorgan Chase, and its stock shed 34 cents, or 2.3 percent, to $14.71.

West Texas Intermediate crude was down 3.8% to $50.44 a barrel. Brent crude, used to price worldwide oils, fell 28 cents to $54.61 per barrel in London.

CURRENCIES: The dollar rose to 108.88 yen from 108.42 yen. The euro edged down to $1.0711 from $1.0730.

FTSE 100 was down 0.46%.

France's CAC 40 index posted its worst one-day performance since September 26 on Tuesday as jitters over the election led investors to sell ahead of the contest.

Nikkei 225 was up 0.07%.

The pan-European STOXX 600 index .STOXX , which hit a three-week low on Tuesday, ended up 0.2 percent.

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