NEW YORK: A disappointing quarterly report from Chevron and a lower-than-expected US economic growth report for the fourth quarter kept a lid on US markets on Friday.
Chevron pulled down the Dow Jones Industrial Average of blue chips, with the index closing 74.17 points lower (0.58 percent) at 12,660.46.
The broader S&P 500 made a late-session climb to finish barely in the red, finishing off 2.10 points (0.16 percent) to 1,316.33.
But the Nasdaq kept its head above water, helped by a report that Facebook could finally make a move next week to go public. The tech-heavy index finished up 11.27 (0.40 percent) at 2,816.55.
The Commerce Department said economic growth in the last quarter of 2011 picked up to a 2.8 percent annual pace from 1.8 percent the previous quarter, well below average forecasts of 3.2 percent.
"Muddling through is the best term that can be applied to the current economic environment, even though the risks of a downturn have been reduced," Steven Ricchiuto of Mizuho Securities said in an analysis of the data.
Chevron missed analyst forecasts in its fourth quarter by a sizeable gap, turning in earnings per share at US$2.58 per share compared to the average prediction of US$2.84, despite higher oil prices.
Chevron shares lost 2.5 percent to US$103.96.
Shares of automaker Ford lost 4.2 percent after earnings in its fourth-quarter and annual reports came in well below market expectations.
Procter & Gamble fell 0.8 percent after posting a sharp drop in quarterly profits under pressure from higher commodity costs.
Specialty chemicals maker Solutia jumped 41 percent after Eastman Chemicals said it would buy the company for US$3.4 billion in cash and stock.
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