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Dow has 41-point drop

Associated Press

NEW YORK: The stock market was mixed on Wednesday as investors pored over more earnings reports.

The Dow Jones industrial average fell 41.10 points to 16,373.34. IBM accounted for most the Dow’s loss after the stock slumped in the wake of a weak earnings report. The Standard & Poor’s 500 index logged a small gain, getting a lift from strong earnings from railroad company Norfolk Southern and electronics company TE Connectivity.

The S&P index rose 1.06 points, or 0.1 percent, to 1,844.86. The Nasdaq composite climbed 17.24 points, or 0.4 percent, to 4,243.

IBM was down $6.18 to $182.25. Light fourth-quarter revenue revealed thin margins as it shifts from hardware to software and services. Norfolk Southern was up $4.23 to $92.94 as fourth-quarter profit jumped 24 percent.


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