Stocks trade flat after mixed earnings reports

NEW YORK (AP) — Stocks indexes are flat in midday trading after a surprise jump in applications for unemployment benefits and mixed earnings reports from large U.S. companies.

First-time applications for unemployment rose to the highest level since late October. Economists said snowstorms in some parts of the country forced companies to lay off workers.

AT&T is down 3 percent after reporting that new wireless contracts fell to their lowest level in more than five years.

Caterpillar is up 1 percent after its fourth-quarter profit quadrupled because of strong demand for mining and construction equipment.

The Dow Jones industrial average is down 4, or less than 0.1 percent, to 11,980.

The S&P 500 is down 1, or 0.1 percent, to 1,295. The Nasdaq composite is up 5, or 0.2 percent, to 2,744.