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subject Blue Chips End Lower, Earnings Disappoint
By Megan Davies NEW YORK (Reuters) - U.S. blue-chips ended slightly lower on Wednesday after Honeywell International Inc. (HON.N: Quote , Profile , Research ) and J.P. Morgan Chase & Co. (JPM.N: Quote , Profile , Research ) disappointed investors with quarterly reports, and high oil prices rekindled worries about the impact on corporate profit margins. However, the surge in crude boosted stocks of oil-related companies such as Exxon Mobil Corp.(XOM.N: Quote , Profile , Research ) , which limited losses on the Dow and helped the S&P end flat. Technology shares also ended higher. The Dow Jones industrial average closed down 10.69 points, or 0.11 percent, at 9,886.93. The Standard & Poor's 500 Index ended up 0.43 of a point, or 0.04 percent, at 1,103.66. The technology-laced Nasdaq Composite Index rose 10.07 points, or 0.52 percent, to 1,932.97. Stocks rebounded from session lows as investors sought value following a sharp decline, which took the Dow to its lowest intraday level since Aug. 13, when it hit its intraday low for the year. We're in a situation here where we're a bit oversold, said David Memmott, head of listed block trading, Morgan Stanley. A lot of this move is energy, and techs had a nice bounce as well. Trading was heavy, with 1.69 billion shares changing hands on the New York Stock Exchange, above the 1.4 billion daily average for last year. About 1.6 billion shares were traded on Nasdaq, above the 1.69 billion daily average last year. Advancers outnumbered decliners on the NYSE by about 6-to-5, and about 4-to-3 on Nasdaq. Honeywell dented the Dow, with its shares falling 4.6 percent, or $1.64 to $33.80 after its profit forecast lagged many analysts' estimates. J.P. Morgan also pressured the Dow, falling 1.9 percent, or 73 cents to $37.25. Its third-quarter earnings missed analysts' forecasts and pulled other financials lower. S&P 500 component Eastman Kodak Co.(EK.N: Quote , Profile , Research ) dropped 9.4 percent, or $3.05 to $29.50, on concerns about growth in its digital business. Continued ...
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