US stocks : Dow up 0.1 pct
U.S. stocks were little changed on Friday as a weak outlook from tech heavyweight Intel offset a better-than-expected quarterly profit at Morgan Stanley.
Still, the S&P 500 was on track for a third week in a row of gains and remained near a five-year high.
Shares of Intel Corp slumped 6.7 percent to $21.17 a day after it forecast quarterly revenue below analysts' estimates and announced plans for increased capital spending amid slow demand for personal computers.
On a positive note, Morgan Stanley reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business. Its stock jumped 7.5 percent to $22.32.
"Intel earnings weren't that bad, although their revenue was weak. It sparks fears about not only the company but about the whole PC sector, and that's pressuring the market today," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
Heading into a three-day weekend, investors were cautious about the chances for settling of major differences in Congress about government debt and spending. U.S. markets will be closed on Monday for the Martin Luther King Jr. holiday
"Governmental policy, or lack thereof, is again pushing forth this wait-and-see attitude on the part of investors. So the market is flat and with low volume and low volatilty because investors are waiting to see what happens with the debt ceiling and spending cuts," said Bryant Evans, investment adviser and portfolio manager at Cozad Asset Management, in Champaign, Illinois.
There were signs that the question of raising the
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