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Stocks edge lower on mixed batch of earnings news

The Columbian
Published: July 21, 2010, 12:00am

NEW YORK (AP) — Stocks are modestly lower as traders sort through a mixed batch of earnings reports. Apple Inc., Coca-Cola Co. and two major banks beat expectations, but Yahoo Inc. disappointed the market.

Traders are also wary ahead of congressional testimony about the economy later in the day from Federal Reserve Chairman Ben Bernanke.

Apple easily surpassed profit forecasts in its report. Coke, Morgan Stanley and Wells Fargo all beat analysts’ forecasts, but Yahoo’s shares sank after reporting disappointing results. Traders have grown skittish because of weaker-than-expected revenue at several big companies.

At midday, the Dow Jones industrial average fell 10, or 0.1 percent, to 10,219. The broader Standard & Poor’s 500 Index fell 2, or 0.3 percent, to 1,080. The Nasdaq composite index fell 12, or 0.5 percent, to 2,210.

Declining shares are ahead of advancers by 2 to 1 on the New York Stock Exchange, where volume is light at 374 million shares.

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