Fri, Jul 19, 2013 11:31 AM EDT 1:15
Stock index futures were mixed, after the Dow and S&P 500 closed at record highs a day earlier, in the wake of disappointing results from tech giants Microsoft and Google. Union Pacific CEO Jack Koraleski says that while his Omaha-based railroad's earnings rose 13% to $2.37 per share, investors are instead focusing on a decline in volume and car-loadings that was offset only by price increases. It's a scenario that places outsized importance on the prospects of this $70 billion business, especially now that the Dow Jones Industrials and S&P 500 have surged to fresh new highs. David Lutz, head of ETF trading at Stifel Nicolaus, says many market mavens have been waiting for this kind of confirmation of the 'Dow Theory,' where both the Industrials and the Transports are making new highs. Stocks edged higher after several major companies reported earnings gains and Federal Reserve Chairman Ben Bernanke said the central bank had no firm timetable for cutting back on its bond purchases.