* Boeing at more than 5-yr high after earnings
* Durable goods data helps cap gains
* Microsoft jumps, company to unveil new Xbox next month
* Dow off 0.3 pct, S&P 500 and Nasdaq flat
By Rodrigo Campos
NEW YORK, April 24 (Reuters) - The S&P 500 and Nasdaq ended
flat on Wednesday with Boeing's five-year high among the day's
highlights, but weakness in Procter & Gamble and AT&T kept the
Dow in negative territory.
Procter & Gamble shares fell 5.8 percent to $77.12
after the world's largest household products maker issued a
profit outlook that was below expectations. It was the stock's
biggest drop since January 2009, and contributed to a 1.7
percent drop in the S&P consumer staples index.
AT&T reported a net loss of cellphone subscribers in
the first quarter as it lost market share, sending its shares
down 5 percent to $37.04.
Materials and energy stocks led the S&P 500's gains as
copper and oil prices bounced back from recent declines.
Commodity gains were capped by worries about the outlook for
global economic growth.
A sharp drop in U.S. durable goods orders last month added
to that concern, putting a lid on equity gains.
"The flow of news doesn't fully justify the optimism that
investors want to bring to the market," said Bruce McCain, chief
investment strategist at Key Private Bank in Cleveland, Ohio.
"In this environment, it is hard to justify paying this kind
of premium for stocks, and it is hard to see the catalyst for
The Dow Jones industrial average fell 43.16 points or
0.29 percent, to end at 14,676.30. But the S&P 500 eked
out a gain of a mere 0.01 of a point or 0 percent to finish at
1,578.79. And the Nasdaq Composite added just 0.32 of a
point or 0.01 percent to close at 3,269.65.
Microsoft led overall gains among S&P 500
components with a 3.8 percent advance to $31.76 after announcing
it will unveil its much anticipated next-generation Xbox on May
Boeing jumped 3 percent to $90.83, its highest since
December 2007, after the aerospace company reported earnings
that beat expectations.
In contrast, shares of Amgen dropped 6.9 percent to
$104.93, weighing on the Nasdaq and the S&P 500 a day after the
drug company reported first-quarter sales below analysts'
expectations. The S&P 500 healthcare sector index fell
The market's mixed day followed gains earlier this week. The
S&P 500 is still up 10.7 percent for the year despite a fairly
weak month so far.
About 6.3 billion shares changed hands on the New York Stock
Exchange, the Nasdaq and NYSE MKT, slightly below the daily
average so far this year of about 6.4 billion shares.
On the NYSE, advancers outnumbered decliners by a ratio of
about 2 to 1, while on the Nasdaq, nearly 14 stocks rose for
about every 11 that fell.