US stocks close on mixed note

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 SandP 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