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US stocks close on mixed note Posted: 26 Apr 2013 03:50 PM PDT NEW YORK: US stocks on Friday ended mixed after a mediocre report on US economic growth and the latest batch of uneven corporate earnings reports. The Dow Jones Industrial Average rose 11.75 points (0.08 percent) to 14,712.55. The broad-based S&P 500 dipped 2.92 points (0.18 percent) to 1,582.24, while the tech-rich Nasdaq Composite Index lost 10.72 points (0.32 percent) to 3,279.26. Friday's results came as the Commerce Department reported first quarter growth of 2.5 percent, above the previous quarter's level, but below the 2.8 percent analysts had forecast. The report illustrated the effects of an 8.4 percent cut in federal spending due to the federal "sequester." On the positive side, consumer spending rose 3.2 percent. Briefing.com analysts said the weaknesses in the data simply confirmed to investors that the Federal Reserve was not likely to tighten economic policy in the near future. "The broader market appeared unconcerned as market participants are well aware of the Federal Reserve's commitment to maintain its accommodative monetary policy for as long as conditions warrant." Briefing said. Dow member Chevron rose 1.3 percent despite reporting a 4 percent decline in earnings. The company reported slightly higher oil and natural gas output. Online retailing king Amazon tumbled 7.2 percent after reporting a 37 percent drop in quarterly earnings and forecasting second quarter sales at a lower level than had been expected by analysts. Tire maker Goodyear dropped 3.3 percent after reporting a 12.3 percent decline in quarterly revenues. The company cited continued weakness in its European division. Home builder DR Horton soared 6.9 percent after reporting profit rose 173 percent in its fiscal second quarter as sales boomed amid a recovering housing market. Struggling retailer JC Penney jumped 11.6 percent after investor George Soros' company took a 7.9 percent stake in the company. -- AFP

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