The U.S. stock market moved lower this morning, firmed up in the early afternoon, and proceeded to end on a mixed-to-higher note. At the close of trading, the Dow Jones Industrial Average, hurt by some last-minute selling, was down 24 points; the broader S&P 500 Index was up four points; and the NASDAQ was higher by seven points.
During the second quarter, oil giant and Dow-30 member Chevron reported its third-consecutive bottom-line loss on a GAAP basis, with lower oil prices once again weighing on operating results. However, on an adjusted basis, earnings topped Wall Street’s consensus estimate. The stock fell moderately initially, in response, but recovered as oil prices perked up a bit.
Exxon Mobil (XOM) stock was down modestly after the company posted weak June-quarter results.