Stocks little changed as earnings fail to inspire
NEW YORK -- Stocks were flat on Wall Street as the latest round of earnings reports failed to give investors an impetus to push the market's recent rally forward.
The Dow Jones industrial average rose 7.22 points to 13,986.52 on Wednesday, after trading slightly lower for most of the day. The Standard & Poor's 500 rose 0.83 point to 1,512.12. The Nasdaq composite was three points lower at 3,168.48
Time Warner rose $2.05, or 4.1 percent, to $52.01 after the company reported that its net income grew 51 percent in the last three months of 2012 even as revenue was largely unchanged.
Marathon Oil Corp. fell 32 cents, or 0.9 percent, to $34.40 after its fourth-quarter net income fell 41 percent on higher exploration costs and taxes.
Stocks are consolidating their gains after surging since the start of the year.
The Dow closed above 14,000 for the first time since December 2007 Friday and had its best January in almost two decades. The index is up 6.7 percent this year; the broader S&P 500 is 6 percent higher.