Stocks were trading mixed Friday after a measure of consumer sentiment hit the lowest level since 1982.
Treaders were also closely watching earnings season. American Express (AXP) impressed investors, but Microsoft's (MSFT) profits fell short.
Microsoft posted earnings of 47 cents per share, vs. 50 cents a year ago. Revenue rose slightly. The software maker expects earnings of $2.13 to $2.19 per share next year.
American Express reported earnings of 84 cents per share, vs. 90 cents. Revenue, up 11%, was stronger than expected, with international sales making up for weakness in the U.S., the company said.
The final reading for the consumer sentiment index was 62.6 in April, down from 69.5 in March. "The recent acceleration in the loss in confidence indicates a longer and potentially deeper recession," said Richard Curtin, director of the Reuters/University of Michigan Surveys of Consumers. Consumers also expect much higher prices, with the survey's inflation gauge at 4.8%.
On Friday morning, the Dow Jones industrial average was down 1.71 points, or 0.01%, to 12,847.24. The broader S&P 500 added 1.49 points, or 0.11%, to 1,390.31. The tech-heavy Nasdaq composite index fell 17.1 points, or 0.7%, to 2,411.82.
Oil prices were rising again Friday. On the NYMEX, June crude oil was up $1.67 to $117.73 per barrel.
Among other stocks in the news, Altria Group (MO) said it earned 29 cents per share last quarter, down from 33 cents a year ago as the company took charges related to its spin-off of Philip Morris International. Revenue rose 2.8%.
Goodyear Tire & Rubber (GT) posted earnings of 60 cents per share, vs. a loss of 61 cents a year ago. Sales rose 10%.
Baidu.com (BIDU), the Chinese Internet company, posted earnings of 68 cents per share, vs. 67 cents a year ago, on sharply higher revenue of $81.9 million.
ITT Corp. (ITT) posted earnings of 93 cents per share, vs. 74 cents a year ago, as revenue rose 25%. The company raised its 2008 profit forecast.
MEMC Electronic Materials (WFR) reported earnings of 84 cents per share, vs. 58 cents a year ago, as sales were up 14%. The company said demand from customers for semiconductor applications is a bit weaker than typical.
Devry (DV) reported earnings of 53 cents per share, vs. 32 cents a year ago. Revenue rose 18%, and new undergraduate enrollment was up 12.1%.
Downey Financial (DSL) said it would slash its quarterly dividend, from 12 cents per share to 1 cent.
Major European indexes were higher Friday. In London, the FTSE 100 index rose 0.28% to 6,067.80. Paris' CAC 40 index gained 1.35% to 4,995.88, and Germany's DAX index rose 1.45% to 6,920.51.
In Asia, Japan's Nikkei 225 was up 2.38% to 13,863.47, while Hong Kong's Hang Seng index fell 0.64% to 25,516.78.
Treasury market
Treasury prices were lower on Friday. The two-year notes were off 04/32 to 99-12/32 for a yield of 2.464%; the 10-year Treasury was off 13/32 to 96-29/32 for a yield of 3.886%; and the 30-year bond fell 15/32 to 96-24/32 for a yield of 4.578%.