Solid earnings from the likes of HPand JC Pennyand more tech sector mergers couldn’t keep stocks from closing just below the flat line Thursday.
HP ended the day 0.8% lower despite better than expected results and upbeat comments from analysts.
24/7 Mediagained on a buyout deal with WPP, while Acxiomsoared on a private equity takeover deal.
Mid-Atlantic manufacturing came in stronger than expected and Fed Chairman Ben Bernanke downplayed the effect of the housing slump on the economy, but rising oil prices kept stocks from gaining on the good news.
Micronfell 5% on a $1.1 billion convertible offering, while Sungained 3.5% on a $3 billion stock buyback.
Amazonfell on its digital music plans.
Gerber Scientificjumped on its earnings, while Napster, Salesforce.com, Opnetand Opnextfell on their results.
Online publisher TechTargethad a solid debut, rising 14% from its $13 IPO price.
The Nasdaq lost 8 to 2539, the S&P 500 slipped 1 to 1512, and the Dow lost 10 to 13,476. Volume declined to 2.88 billion shares on the NYSE, and 2.02 billion on the Nasdaq. Declining issues led by a 19-12 margin on the NYSE, and 19-11 on the Nasdaq. Downside volume was 52% on the NYSE, and 53% on the Nasdaq. New highs-new lows were 194-43 on the NYSE, and 118-108 on the Nasdaq.