NEW YORK, N.Y. – Stocks are little changed after a mixed batch of company earnings.
IBM dropped 3 per cent after its revenue fell short of what investors were expecting. Norfolk Southern climbed 5 per cent after the rail company said its fourth-quarter profit rose as shipping volume grew.
The Standard & Poor’s 500 index rose a point to close at 1,844 Wednesday. The Dow Jones industrial average was down 41 points, or 0.3 per cent, at 16,373. The Nasdaq composite rose 17 points, or 0.4 per cent, to 4,243.
Coach slumped 6 per cent after the luxury goods maker reported a lower quarterly profit, citing weakness in women’s bags and accessories in North America.
Small-company stocks are doing better than large ones since the beginning of the year, continuing a trend from 2013.