After two days of strong gains U.S. stocks closed flat overnight, lower oil prices and a mixed dollar weighing on the market. The NASDAQ and S&P500 rose slightly after investors responded positively to early earnings results ahead of the quarterly reporting period.
The Dow Jones industrial average fell 6 points to 9,726. The S&P500 Index rose 3 points to 1,058 and the NASDAQ added 7 points to 2,110.
In company news: U.S. warehouse club Costco Wholesale Corporation (NASDAQ:COST) shares gained 1.85 per cent to $59. The company posted earnings for the fourth quarter that fell less than expected. Net income for the quarter to August 30 declined 6 percent to $374 million, down from $398 million for the same period last year.
Shares in diversified technology company 3M Company (NYSE:MMM) fell 1.07 per cent to $73.14. According to Bloomberg, CEO George Buckley says he plans to spend close to $1 billion on acquisitions in the next year.
Shares in quick service restaurant YUM! Brands Inc (NYSE:YUM) dropped 1.41 per cent to $34.37. The company reported third quarter earnings that topped expectations and upgraded its full year profit forecast. Same store sales fell 6 per cent however, and revenue came in 2 per cent lower for the quarter.
And shares in independent oil and gas company Linn Energy LLC (NASDAQ:LINE) declined 1.69 per cent to $22.75. On Tuesday the company announced plans to publicly offer approximately 7.5 million units at $21.90 a unit with the funds raised, expected to be about $157 million, to go towards repaying debt.
Checking the NASDAQ Top 100: The best performer was Akamai Technologies, it rose 4.12 per cent to $20.22. Electronic Arts and Google were the next best performers.
The biggest drag was O’Reilly Auto; it lost 3.52 per cent to $34.81. Cephalon and Seagate Technology also closed lower.
