NEW YORK ? Stocks were mixed in midday trading Wednesday as investors weighed stronger earnings from Boeing and Corning with uncertainty about the outcome of a key meeting among European leaders.
European officials will meet later in the day to discuss how to contain the region's debt crisis, which has festered for two years. One consideration is increasing the power of a financial rescue fund, which Germany's parliament approved shortly before U.S. stock markets opened. European indexes turned lower ahead of the meeting as doubts emerged that an agreement will be reached.
The Dow Jones industrial average was up 35 points, or 0.3 percent, to 11,742 at 12:20 Eastern. Boeing Co. led the way. It rose 5 percent after it reported a bigger profit for its latest quarter than analysts expected. It also raised its forecast for 2011 earnings.
The S&P 500 index fell less than a point to 1,229. The Nasdaq composite fell 13, or 0.5 percent, to 2,624. Amazon.com Inc. slumped 12 percent after reporting a 73 percent drop in income. The retailer cited higher costs for expansion.
Strong economic reports offered some support for the stock market. Businesses ordered more heavy machinery and other long-lasting manufactured goods last month, after excluding aircraft orders, which can be volatile. That indicates businesses are still spending on equipment despite worries about a weak economy and Europe's debt problems.
Also, sales of new homes rose in September after falling for three straight months. Lower home prices enticed buyers.
Treasury prices remained high as demand remained high for assets perceived as being relatively low-risk and better able to hold their value in a faltering economy. The yield on the 10-year Treasury edged up to 2.15 percent from 2.14 percent late Tuesday.
Corning Inc. rose 1.5 percent after reporting a 3 percent increase in income last quarter on stronger sales of glass for flat-panel televisions. Its earnings and revenue beat analysts' expectations.
First Solar Inc. rose 13 percent, the most in the S&P 500. It reported results a week earlier than expected, and revenue and earnings both improved. That helped the stock recover some of its losses from Tuesday, when it fell 24 percent after the surprise departure of the company's chief executive.
Stocks fell Tuesday for the first time in four days following disappointing reports on consumer confidence and a weak round of corporate earnings. Shoppers are feeling at their least confident since March 2009, and manufacturing giant 3M cut its earnings expectations for the year.
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