Stocks Flat After Day in Red

Mixed data leads to seesaw after Wednesday's rally
By Jonas Oransky,  Newser Staff
Posted Apr 17, 2008 3:27 PM CDT
Jacqueline Bucello of UBS Securities monitors early trading at the New York Stock Exchange.   (AP Photo/Henny Ray Abrams)
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(Newser) – The Dow ticked up 1.22 points to close at 12,620.49 today, after a flood of mixed earning reports mostly kept stocks down during the session. One analyst was impressed the market didn’t dip, saying it “seems to be holding up relatively well, especially after yesterday’s rally.” The Nasdaq was off 8.28 points, closing at 2,341.83, and the S&P rose 0.85 to 1,365.56.

Pfizer dipped nearly 4% after revealing a big profit drop, MarketWatch reports, while IBM soared after upping its 2008 forecast. Merrill Lynch’s bad news wasn’t enough to hold down Bank of America and JP Morgan, which both gained. Neither could the big growth in unemployment claims—up 17,000 last week—send stocks lower; the bad news had been built in to analyst expectations.