NEW YORK (AP) – Stocks were mixed in morning trading on Wall Street Thursday morning as traders didn’t find much to get excited about in the latest batch of earnings reports from U.S. companies.
Insurer MetLife sank 3 percent after reporting earnings and revenue that came in well below analysts’ forecasts. Ralph Lauren plunged 11 percent after announcing that Stefan Larsson, who took over as CEO for Ralph Lauren less than two years ago, is leaving the company.
KEEPING SCORE: The Standard & Poor’s 500 index slipped a fraction to 2,279 as of 10:50 a.m. The Dow Jones industrial average fell 7 points, less than 0.1 percent, to 19,883. The Nasdaq composite edgedc up 1 point to 5,644. Slightly more stocks rose than fell on the New York Stock Exchange.
SECTORS: Six of the 11 sectors in the S&P 500 index fell, led by phone companies and materials stocks. Real estate companies and consumer goods makers.
CENTRAL BANKING: The Bank of England kept its main interest rate on hold at a record low of 0.25 percent on Thursday but revised up its growth forecasts for the British economy, which has held up better than many forecasters predicted in the aftermath of last June’s vote to leave the European Union. On Wednesday the U.S. Federal Reserve left interest rates on hold, as expected.