NEW YORK, N.Y. – Weak earnings forecasts from Procter & Gamble and AT&T held the Dow Jones industrial average back on a mixed day for the stock market.
P&G, which makes Tide detergent and Gillette razors, fell 5 per cent after predicting weaker profits than analysts were expecting. AT&T dropped 6 per cent after losing subscribers from contract-based plans for the first time as smartphones sales slow.
The Dow was down 24 points at 14,695 as of midday Wednesday, a fall of 0.1 per cent.
The Standard & Poor’s 500 index was up a point, less than 0.1 per cent, at 1,579. The Nasdaq composite was down five points, or 0.2 per cent, at 3,263.
A weak report on sales of durable goods also discouraged investors.
Oil and gold prices rose. Bond yields were little changed.