NEW YORK (AP) — The stock market rose slightly Friday but was still headed for its biggest weekly loss since April as investors assessed corporate news. The market ended the previous week at a record high.
KEEPING SCORE: The Standard & Poor's 500 index rose two points, or 0.1 percent, to 1,966 as of 3:10 p.m. Eastern time. The Dow Jones industrial average rose 18 points, also 0.1 percent, to 16,933. The Nasdaq composite gained 15 points, or 0.3 percent, to 4,412.
SALES MISS: Industrial and construction supplies company Fastenal dropped $2.17, or 4.5 percent, to $45.98 after reporting sales that fell short of analyst's expectations. Its revenue climbed 12 percent to $949.9 million, missing the $951 million expected on Wall Street.
WHERE THERE'S SMOKE: Tobacco company Lorillard rose $2.73, or 4.3 percent, to $65.82, after rival Reynolds American confirmed it was in talks with Lorillard and British American Tobacco, its largest shareholder, about an acquisition. Reynolds fell 74 cents, or 1.2 percent, to $61.52. Old Gold and Kent are among Lorillard's brands.
THE EARNINGS TAPE: U.S. companies are starting to report their results for the second quarter, and investors are expecting to see more growth in profits. Earnings for S&P 500 companies are forecast to rise by 6.5 percent compared with the same period a year earlier, according to data from S&P Capital IQ.
THE QUOTE: "The market is looking for signs of strength and certainly earnings are going to figure pretty heavily," said Jim Russell, a regional investment director at US Bank.
JITTERY WEEK: The S&P 500 index is poised for its biggest weekly loss since April after closing out last week at an all-time high. The index has retreated from the record as investors worry stock prices have climbed too high. Worries about the soundness of a Portuguese bank also spooked the market.
The S&P 500 has fallen 1 percent this week, its biggest decline since the week ending April 11, when banks reported disappointing earnings.
BONDS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note, which falls when prices climb, dropped to 2.51 percent from 2.54 percent late Thursday. The price of oil fell $1.94, or 1.8 percent, to $101.01.