 "IBM")
The benchmark S&P 500 index posted slight gains on Wednesday, helped by gains from industrial and energy stocks, but IBM's disappointing results and a sell-off in semiconductor stocks weighed on the Nasdaq and the Dow.
IBM fell 6.2 per cent after the company reported quarterly profit margins that fell short of Wall Street expectations.
Semiconductor stocks also took a hit, led by Lam Research's 5 per cent drop after what analysts called a disappointing shipment forecast. The S&P technology index fell about 0.5 per cent.
Not all results were disappointing. Morgan Stanley rose 3 per cent after it reported a 40 per cent jump in quarterly profit, driven by its trading business.
United Airlines rose 1.6 per cent after reporting a rise in profit and CSX Corp jumped 7 per cent after the railroad operator topped profit estimates. That helped lift the Dow Jones Transport index by 1.2 per cent.
Oil prices jumped about 2 per cent, lifted by a reported decline in US crude inventories and the risk of supply disruptions. Exxon and Chevron were up about 1.3 per cent.
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S&P 500 companies are expected to post an 18.6 per cent rise in profits in the first quarter, the biggest increase in seven years, according to Thomson Reuters data.
Stocks have gained solidly in the past two days after strong results from industry bellwethers as well as positive economic data helped investors turn attention away from geopolitical and trade tensions.
At 10:08 a.m. ET, the Dow Jones Industrial Average was down 0.14 per cent at 24,751.47. The S&P 500 was up 0.02 per cent at 2,707.05 and the Nasdaq Composite was down 0.12 per cent at 7,272.62.
Advancing issues outnumbered decliners on the NYSE for a 1.84-to-1 ratio, and on the Nasdaq, for a 1.27-to-1 ratio.
