The S&P 500 and Dow closed lower and the Nasdaq advanced as investors digested the latest round of earnings and a drop in oil prices weighed on the energy sector. Roselle Chen reports.
U.S. stocks ended the day mixed as investors waded through the latest round of earnings and a drop in oil prices weighed on the energy sector. Rich Steinberg of HSW Advisors at HighTower: (SOUNDBITE) RICHARD STEINBERG, CHIEF INVESTMENT OFFICER, HSW ADVISORS AT HIGHTOWER, (ENGLISH) SAYING: "There is some concern about, you know, some of the policies that the president had talked about, may be delayed, tax reform, those kind of issues. I think there's some concern about economic growth. You know, earlier in the year, things felt really strong, now some of the economic data has been a little bit weaker. You've also had some corporate earnings come out, few a little bit light, so it may cause some turbulence." IBM sank after the company reported a bigger-than-expected decline in revenue for the first time in five quarters. But Morgan Stanley posted a surge in quarterly profit and its stock rose. U.S. crude fell below $52 a barrel for the first time in two weeks after U.S. data showed a counter-seasonal build up in gasoline inventories and a smaller-than-expected drop in overall crude stocks. In economic news, the Fed's Beige Book showed U.S. economy expanded at a modest-to-moderate pace between mid-February and the end of March. European shares ended the day mixed.