New York Report: Wall St hit by weak results

THE S&P 500 closed flat yesterday as as a mixed bag of corporate earnings failed to give investors the confidence to push equities higher with the index near record levels.

For the second day in a row, the Dow posted outsized losses following weak results from one of its components while the Nasdaq climbed, with BlackBerry one of its biggest boosts.

International Business Machines lost 3.3 per cent to $182.25, the biggest drag on the Dow after the tech giant missed revenue expectations for a fourth straight quarter amid weakening demand, particularly in growth markets like China.

The Dow Jones industrial average was down 41.10 points, or 0.25 per cent, at 16,373.34. The Standard & Poor’s 500 Index was up 1.06 points, or 0.06 per cent, at 1,844.86. The Nasdaq Composite Index was up 17.24 points, or 0.41 per cent, at 4,243.00.