After a three-day slumber last weekend, the Dow Jones Industrials Average (INDEX: ^DJI) moved higher throughout the week, but there were a couple of blue chips left behind during the closing session.
To kick things off, GE (NYSE: GE) reported earnings before the opening bell, and all eyes were on the conglomerate to provide a positive perspective on the economy. Instead, GE showed up with a mixed bag, beating analysts' earnings estimates but falling short on revenue. When the market closed, GE managed to escape unscathed, remaining perfectly even for the day.
Other Dow companies like Home Depot (NYSE: HD) and American Express (NYSE: AXP) were not so lucky. Although Home Depot announced it would be hiring 70,000 associates recently to gear-up for spring, the home and garden retailer's shares were down about 2%. A recent article in Forbes magazine suggested that that the stock's current price already reflects an exceedingly optimistic view of housing going forward. Perhaps the market questioned its enthusiasm on this news.
American Express also finished down about 2% as the company missed revenue expectations during its late Thursday earnings call. The financial services company said its loan-loss provisions rose from the prior year. On the other hand, Bank of America (NYSE: BAC) posted decent results this morning, further emphasizing the two divergent paths for many financial firms. Our analysts made this all the more evident in a roundtable discussion posted earlier today.
On the whole, the Dow edged upward 0.76%, unfazed by some of the lukewarm earnings announcements. As investors, it's important to stay tuned to your company's earnings calls, but understand that the market's movements are sometimes hard to interpret.
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