NEW YORK (AP) — Stocks edged mostly lower Friday as investors assessed corporate news. The stock market is headed for its biggest weekly loss since April after ending the previous week at a record high.
KEEPING SCORE: The Standard & Poor's 500 index dropped one point, less than 0.1 percent, to 1,964 as of 10:51 a.m. Eastern. The Dow Jones industrial average fell 15 points, or 0.1 percent, to 16,900. The Nasdaq composite gained nine points, or 0.1 percent, to 4,401.
WHERE THERE'S SMOKE: Tobacco company Lorillard rose $3.16, or 5 percent, to $66.24, after rival Reynolds American confirmed it was in talks with Lorillard and British American Tobacco, its largest shareholder, about an acquisition. Reynolds fell 87 cents, or 1.4 percent, to $61.38.
SALES MISS: Industrial and construction supplies company Fastenal dropped $2.48, or 5.1 percent, to $45.80 after the company reported sales that fell short of analyst's expectations. The company said revenue climbed 12 percent to $949.9 million from $847.6 million in the same quarter a year ago. Analysts expected $951 million.
THE EARNINGS TAPE: As companies start reporting their second-quarter earnings, investors are expecting to see more growth in profits. Earnings for S&P 500 companies are forecast to rise by 6.5 percent, compared to the same period a year earlier, according to data from S&P Capital IQ.
JITTERY WEEK: The S&P 500 index is poised for its biggest weekly loss since the week ending April 11 after closing out the previous week at a record high. Stocks retreated from all-time highs this week as investors worried the rally may have overreached. Worries about the soundness of a Portuguese bank also spooked U.S. investors.
The S&P 500 has dropped 1.1 percent this week, its biggest drop since the week ending April 11 when investors sold stocks following some disappointing bank earnings.
BONDS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note, which falls when prices climb, dropped to 2.52 percent from 2.54 percent late Thursday. The price of oil fell $1, or 0.1 percent, to $101.93.