U.S. stocks posted mixed weekly results as investors digested a batch of second-quarter earnings reports as well as major economic data.
For the week, the Dow gained 0.2 percent, the S&P 500 rose less than 0.1 percent, while the Nasdaq declined less than 0.1 percent.
On the earnings front, General Electric posted second-quarter earnings per share and revenue that both beat analysts' expectations. The company also reaffirmed its financial outlook for the year, saying it continues to expect full-year earnings of one U.S. dollar to 1.07 dollars per share.
Microsoft also posted strong quarterly results with earnings per share, excluding certain items, reaching 1.13 dollars. Its revenue stood at 30.09 billion dollars, surpassing Wall Street's estimates.
IBM posted quarterly earnings per share, excluding certain items, at 3.08 dollars. Its revenue was 20 billion dollars.
American Express, a dow component, posted earnings that topped Wall Street expectations. But its revenue, which reached 10 billion dollars, fell short of estimates.
Morgan Stanley reported better-than-expected quarterly earnings before the market opening on Wednesday. Its second-quarter earnings per share reached 1.30 dollars, while the revenue climbed to 10.6 billion dollars, both exceeding analysts' expectations.
On the economic front, investors continued to reflect on the weekly jobless claims report. The U.S. weekly jobless claims dropped to the lowest level since 1969.
In the week ending July 14, the advance figure for seasonally adjusted initial claims was 207,000, a decrease of 8,000 from the previous week's revised level.
The previous week's level was revised up by 1,000 from 214,000 to 215,000, said the Labor Department on Thursday.
The four-week moving average was 220,500, a decrease of 2,750 from the previous week's revised average. The previous week's average was revised up by 250 to 223,250.
U.S. new-home groundbreaking and permits fell in June to the slowest pace in nine months, as higher mortgage rates and elevated costs for labor and materials put pressure on the housing market, according to the Commerce Department on Wednesday.
Housing starts tumbled 12.3 percent to a seasonally adjusted annual rate 1.173 million units last month while building permits dropped 2.2 percent to a rate 1.273 million units.
