by Marc Bastow | January 16, 2013 4:44 pm
Wednesday was role reversal day for the major U.S. indices, with one particular stock giving a helpful nudge to the Nasdaq and the Dow taking a loss. All the while, earnings season kicked into high gear, and concerns over the debt ceiling filtered into investor sentiment.
The Nasdaq improved by 0.22% to 3,117.54, thanks to a 4%-plus gain in beaten-of-late Apple (NASDAQ:AAPL). That also helped the S&P finish with marginal gains to 1,472.63. The Dow ended 0.21% in the red to close at 13,507.01.
Hampering the Dow was Boeing (NYSE:BA), which fell more than 3% as its Dreamliner suffered yet another issue. Two Japanese airlines grounded their fleets of 787 aircraft after one of All Nippon Airways‘ (PINK:ALNPY) Dreamliners was forced into an emergency landing. Boeing’s drop was by far the largest in the Dow on Wednesday.
Goldman Sachs (NYSE:GS) reported earnings that beat expectations, driven by strong results from its proprietary trading business. Investors bid up GS stock more than 4%, sending it to highs not reached in more than a year.
JPMorgan Chase (NYSE:JPM) struck another positive note for financials, saying both Q4 and full-year 2012 profit set records, which marks a third consecutive year of record income for the banking giant. JPM also announced that CEO Jamie Dimon’s bonus would be cut to $10 million (more than half of his 2011 haul) in lieu of the “London Whale” debacle. JPM climbed up just under 1% on the news.
Dell (NASDAQ:DELL) fell more than 4% after CNNMoney reported that at least one equity firm, TPG Capital, has walked away from a potential deal to take Dell private. Conversely, Hewlett-Packard (NYSE:HPQ) ran up more than 4% after Dow Jones reported that HPQ has received interest from potential buyers about its Autonomy business unit.
Shares of Chipotle (NYSE:CMG) sank 5% after the Mexican food chain restaurant revised fourth-quarter earnings well below analysts’ expectations.
Finally, gun stocks Smith & Wesson (NASDAQ:SWHC, +5.7%) and Sturm, Ruger (NYSE:RGR, +5%), as well as outdoors retailer Cabelas (NYSE:CAB, +6.1%), forged ahead after President Barack Obama announced broad measures aimed at gun control legislation and action, including reintroducing a ban on assault-type weapons.
Earnings reports for Thursday include Intel (NASDAQ:INTC), General Electric (NYSE:GE), Citigroup (NYSE:C), and American Express (NYSE:AXP).
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL, INTC and GE.
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