Stocks ended slightly higher on Friday, helped by better-than-expected quarterly results from Google’s parent Alphabet and retailer Amazon and a modest recovery in oil prices.
However, the gains were held back by disappointing results from Exxon Mobil as well as news out of the Bank of Japan, which did not announce as much stimulus as many had hoped.
The Dow Jones industrial average closed down 24.11 points, or 0.1 percent, to 18,432.24.
The Dow was held back partly by a drop in the oil giant Exxon Mobil. The company reported its smallest quarterly profit in 17 years, well below what analysts were looking for, due to the continuing weakness in oil prices. Its major competitor, Chevron, fared slightly better. While earnings dropped sharply from a year ago, Chevron’s results still beat analysts’ expectations.
Exxon fell $1.25, or 1.4 percent, to $88.95. Chevron climbed 69 cents, or 0.7 percent, to $102.48 after being down earlier in the day.
Broader market indicators ended higher. The Standard & Poor’s 500 index rose 3.54 points, or 0.2 percent, to 2,173.60 and the Nasdaq composite increased 7.15 points, or 0.1 percent, to 5,162.13.
Wall Street is finishing out its busiest week of corporate earnings, which was dominated by mostly strong results from technology companies including Apple, Facebook, Alphabet, Amazon and others.
Alphabet, the parent company of Google, jumped $25.50, or 3.3 percent, to $791.34. The company reported earnings of $8.42 a share, well above the $8.04 that analysts were looking for.
Amazon rose $6.20, or 1 percent, to $758.81. The online retail giant reported a profit of $1.78 per share, well above the $1.11 a share that analysts expected.
So far, corporate profits appear to be coming well ahead of what were very low expectations. Earnings in the S&P 500 so far are down 2.4 percent from a year ago, which is better than the 5.2 percent decline expected when earnings season started, according to S&P Global Market Intelligence.
Investors remain cautious, however. The run-up earlier this month made stocks more expensive than investors are historically comfortable with.
Next week another fifth of the S&P 500 will report their results, including Proctor & Gamble, General Motors, Kraft Heinz, 21st Century Fox and Allstate, among many others.
Japan’s central bank ended a policy meeting Friday by announcing it will expand purchases of exchange traded funds from financial institutions to help inject more cash into the world’s third-largest economy and pursue its 2 percent inflation target. But the measures fell short of hopes for more aggressive action. That helped the yen surge as investors priced in fewer yen in circulation. The dollar dropped to 102.03 yen from 105.45 yen.
Bond prices rose. The yield on the benchmark U.S. 10-year Treasury note falling to 1.46 percent from 1.51 percent the day before.
In energy trading, benchmark U.S. crude reversed earlier losses and was up 46 cents to close at $41.60 on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 24 cents to $42.46 a barrel in London.
Heating oil rose less than 1 cent to $1.28 a gallon, wholesale gasoline futures rose 1 cent to $1.32 a gallon and natural gas fell was little changed at $2.88 per thousand cubic feet.