US stock market edges lower at midday; UPS slumps on weaker outlook
NEW YORK, N.Y. – The stock market is edging lower after four straight days of gains as investors absorb quarterly financial results from U.S. companies.
The Standard & Poor’s 500 index eased four points to 2,058 as of 12 p.m. Eastern time Friday. The Dow Jones industrial average fell 62 points to 17,751. The Nasdaq bucked the trend. It rose six points to 4,756.
The large cost of ensuring timely deliveries hurt UPS during the holidays and the company cut its annual outlook. Its shares fell 10 per cent, one of the biggest drops among S&P 500 stocks.
The yield on the 10-year Treasury slid to 1.82 per cent from 1.87 per cent late Thursday.
U.S. stock indexes ended the previous day with big gains after Europe’s central bank unveiled a program to revitalize that region’s economy.
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