Wall Street was lower at midday on Friday as quarterly reports from various sectors disappointed.

The Dow Jones Industrial average was down 1.27 percent to 13,713.05, while the Nasdaq Composite had fallen 1.14 percent to 2,767.32 and the S&P 500 was down 1.12 percent to 1,522.82.

The exception to the generally poor quarterly reports was Google (NAS: GOOG; LSE: GGEA), which added $11.72 to $651.34 after it said profits were up by 46 percent in the third quarter.

Elsewhere, manufacturer 3M (NYSE: MMM) dropped $6.25 to $88.48 even though profits were up 7 percent in the quarter and it raised its full-year forecast after sales did not live up to expectations.

Construction equipment manufacturer Caterpillar (NYSE: CAT) was down $2.85 to $74.81 after it lowered its full-year outlook even though profits were up 21 percent in the quarter.

In the banking sector, Wachovia (NYSE: WB) reported that profits were down 10 percent in the third quarter, sending shares 83 cents lower to $47.31 at mid-session.

ExxonMobil (NYSE: XOM) was down 1.1 percent to $93.99.

Wall Street was higher in midday trade ahead of the Federal Reserve’s decision on interest rates, due at mid-afternoon New York time.

The Dow Jones Industrial Average was 0.61 percent higher to 13,485.52, while the Nasdaq Composite added 0.55 percent to 2,595.83 and the S&P 500 gained 0.71 percent to 1,487.19.

The Labor Department reported that producer prices were down by 1.4 percent overall in August, while core inflation, which removes food and energy costs from the equation, was up 0.2 percent.

The overall decline was the biggest in 10 months, led by energy costs that were 6.6 percent lower.

Lehman Brothers (NYSE: LEH) added $1.72 to $60.34 after it said its profits in the third quarter were down by 3 percent compared to the same period last year, less of a drop than had been expected.

Also reporting was Best Buy (NYSE: BBY).

The consumer electronics retailer said its profits were up 8.7 percent, better than expected sending shares up 4.2 percent to $46.41.

Construction machinery maker Caterpillar (NYSE: CAT) gained $1.38 to $75.07 after an analyst said that it would likely meet its goal of $3 billion sales in China by 2010.

General Motors (NYSE: GM) dropped 18 cents to $34.05 as talks with the United Auto Workers continued but the union told members that it might have to impose a deadline on negotiations if progress is not made in relation to several unresolved issues.

The union wants job security guarantees for workers in return for concessions on wages and a health care fund.

Microsoft (NAS: MSFT) dropped another 37 cents to $28.36 on the EU court ruling that went against the software company on Monday.

Boeing (NYSE: BA; TYO: 7661) was $1.57 lower to $97.07 after Banc of America (NYSE: BAC; TYO: 8648) dropped its target share price on the aerospace group from $131 to $114 on developments risks in relation to its 787 Dreamliner aircraft.

Wall Street was mixed in early afternoon trade in New York Tuesday as investors waited for the US Federal Reserve to issue its latest decision on interest rates before committing to anything serious.

The Dow Jones Industrial Average was 0.03 percent lower to 13,464.88, while the Nasdaq Composite had dropped 0.09 percent to 2,544.98 but the S&P 500 had added 0.19 percent to 1,470.52.

In addition to the expected rate decision, investors were also looking at new data from the Labor Department that showed productivity was up by 1.8 percent on an annualized basis in the spring quarter.

Among those reporting quarterly results, Duke Energy (NYSE: DUK) added 40 cents to $18.30 even though it said profits were down in the second quarter.

Cisco Systems (NAS: CSCO; SEHK: 4333) dropped 13 cents to $29.37 ahead of a quarterly report that was due after the close of trade on the session.

Hurting the Dow were Caterpillar (NYSE: CAT), which was 42 cents lower to $80.58 and aerospace group Boeing (NYSE: BA), which fell $1.32 to $103.02.

Carmakers saw gains.

Ford Motor (NYSE: F) had added 6 cents to $8.25, while General Motors (NYSE: GM) was up 58 cents to $33.03.

Financial services were higher. Citigroup (NYSE: C) was 15 cents higher to $48.50 and Bank of America (NYSE: BAC) added 40 cents to $48.56, while Merrill Lynch (NYSE: MER; TYO: 8675) gained $1.28 to $75.83 and Goldman Sachs was $3.42 higher to $75.83.

In early afternoon trade on Friday Wall Street saw steep declines a day after the Dow Jones Industrial Average closed above the 14,000 level for the first time in history.

The Dow was down 1.26 percent to 13,824.34, while the Naasdaq Composite fell 1.41 percent to 2,681.56 and the S&P
500 was 1.24 percent lower to 1,533.81.

Disappointing quarterly reports and more concerns about the housing market and subprime mortgages drove the declines.

In the internet sector, Google (NAS: GOOG) dropped 5.7 percent to $517.53 after it reported that earnings were lower in the quarter on higher operating expenses and the adding of employees.

Microsoft’s (NAS: MSFT)report headlined higher earnings but bad news on the sale of personal computers sent shares 1.7 percent lower to $$30.98.

Construction machinery maker Caterpillar (NYSE: CAT) fell 8.4 percent to $79.70 after it reported that earnings dropped on declines in truck engine sales and a decline in construction in North America.

Construction woes hit homebuilders as well, sending the Dow Jones US Home Construction Index 3.3 percent lower to 516.91, its lowest level since October 2003, on predictions that the US housing market will be in the doldrums well into next year.

Pulte Homes (NYSE: PHM) dropped 2.8 percent to $21.78, while Centex (NYSE: CTX) was 3.9 percent lower to $41.73.

Comments from the President of the St. Louis Federal Reserve that the mess in the subprime mortgage sector was big enough to affect the housing markets and consumer spending sent shares in banks lower.

Citigroup (NYSE: C) had gone higher on a positive quarterly report, but dropped 1.3 percent to $50.45 on subprime concerns.

Bank of America (NYSE: BAC) was also lower, down 1.77 percent to $48.40 despite a 5 percent gain in earnings in the most recent quarter after it also increased provisions for losses from bad loans.

In early afternoon trading on Wall Street, the Dow Jones Industrial Average had added 0.51 percent to 13,977.73, while the Nasdaq Composite had added 0.07 percent to 2,708.96 and the S&P 500 was 0.08 percent higher to 1,553.9.

Mergers and acquisitions activity and bids rumors were in focus on the session after IHOP Corp (NYSE: IHP), which operates the International House of Pancakes restaurant chain said it will pay 1.9 billion to acquire Applebee’s International (NAS: APPB).

IHOP also said that it will franchise some of the company’s restaurants.

Applebee’s added 48 cents to $24.86 on the news, while IHOP gained $4.75 to $61 on the news after having gone as high as $63.39 earlier in the session.

Some analysts, however, said that the deal might not be good news for the sector because the price was lower than had been expected.

Elsewhere in the casual dining sector, Brinker International (NYSE: EAT), which operates the Romano’s Macaroni Grill and Chili’s Grill & Bar chains, and Darden Restaurants (NYSE: DRI), operator of Olive Garden and Red Lobster restaurants, have been seen as possible buyout targets.

Brinker dropped 20 cents to $28.21, while Darden was 42 cents lower to $44.42.

Elsewhere, both United Technologies (NYSE: UTX) and Caterpillar (NYSE: CAT) reached new record high share prices during the session.

Manufacturer United Technologies had added 2.2 percent to $76.71 after going as high as $76.98, while construction machinery maker Caterpillar was 0.9 percent higher to $85.93 after going to a record high of $86.49.

Both companies will release their quarterly reports later in the week.

After saying that it had seen a rise in profits in the second quarter, toy maker Mattel (NYSE: MAT) gained 3.3 percent to $27.42.

On Wall Street on Tuesday markets were higher ahead of the Independence Day holiday. At mid-session, the Dow Jones Industrial Average had added 0.27 percent to 13,571.45, while the Nasdaq Composite gained 0.35 percent to 2,641.41 and the S&P 500 was 0.26 percent higher to 1,523.43.

New data from the Commerce Department showed that factory orders were down only 0.5 percent in May, less than the 1 percent drop that had been expected by most analysts.

Carmakers were lower, however, after Ford Motor (NSYE: F) said that sales had dropped in June on less demand for cars. Sales were down for cars, while light truck sales were up slightly. Ford was down 23 cents to $9.41. General Motors (NYSE: GM) was also lower, falling 22 cents to $37.80.

In a related sector, Caterpillar (NYSE: CAT), which makes heavy equipment for construction and agriculture, was down $2.60 to $77.85 on a broker downgrade.

Elsewhere, food processor Kraft Foods (NYSE: KFT) dropped 85 cents to $34.68 after it said that it had offered for part of French food group Groupe Danone.

Computer makers were mixed. Apple (NAS: APPL; LSE: ACP; FWB: APC) added $5.26 to $126.52, while Dell (NAS: DELL; SEHK: 4331) dropped 28 cents to $28.65.

Wall Street was up in afternoon trade on Wednesday after US Federal Reserve Chairman Ben Bernanke told Congress that the US economy continues to grow and inflation is beginning to recede. The Dow Jones Industrial Average added 0.7 percent to 12,742.02, while the Nasdaq Composite gained 1.4 percent to 2,492.98 and the S&P 500 was 0.8 percent higher to 1,456.36.

Mr. Bernanke’s comments especially helped homebuilders and mortgage lenders. Among homebuilders, DR Horton added 1.4 percent to $28.25 after Mr. Bernanke said that he sees indications that the housing market is beginning to stabilize. Meanwhile, among mortgage lenders, New Century Financial gained 7.6 percent to $20.01.

Manufacuturers of farm and building equipment were up after Deere issued a quarterly report showing that profits were better than expected. Deere added 9.8 percent to $112.74, while Caterpillar was 2.6 percent higher to $66.42.

Coca-Cola dropped 0.8 percent to $47.81 after it reported that profits are down. Even though profits declined, operating profits and quarterly revenue were better than had been anticipated.

Warner Music dropped 7.1 percent to $18.01 after UK rival EMI warned on profits, citing poor sales in the United States. Standard & Poor’s droped its rating outlook on the media company from “stable” to “negative”.

At midday in New York on Friday the Dow Jones Industrial Average was 0.33 percent lower to 12,181.39, while the Nasdaq Composite dropped 0.76 percent to 2,413.37 and the S&P 500 fell 0.31 percent to 1,396.26. The declines came after the Institute for Supply Management reported that its manufacturing index was at 49.5 percent in November, down from 51.2 in October. Analysts had expected that the index would stay above 50 and actually advance a bit to 51.5.

Despite the declines on the day, all three indices are up so far for the year, with the Dow 13.66 higher, the Nasdaq up 9.43 percent and the S&P 11.85 higher since the beginning of January.

The automobile manufacturing sector was mixed on the day. General Motors added 4 cents to $29.27 on a high number of shares traded after Kirk Kerkorian sold his stake in the carmaker. But Ford fell 12 cents to $8.01 after it said sales in the US had dropped by 9.6 percent in November, while DaimlerChrisler AG was 40 cents lower to $57.88 even though it said sales were up 4.7 last month.

Home Deopt was up $1.27 to $39.24 on rumors that a number of private equity sources might be interested in bidding for the home improvement retailer.

In the construction equipment sector, Caterpillar dropped $1.13 to $60.90.

Among semiconductors manufacturers, Intel fell 45 cents to $20.95.

The New York equities markets were higher at midday on Monday as earnings reports continue to come in. Over 150 companies listed on the S&P 500 alone are expected to report this week. At mid-session the Dow Jones Industrial Average was 0.9 percent higher to 12,114.11, a new high, while the Nasdaq Composite was up 0.7 percent to 2,359.53 and the S&P had added 0.6 percent to 1,377.17.

Internet search engine Google was still benefiting form its earnings report, issued last week, adding 3.8 percent to $477.15, its highest level ever. Meanwhile in other computer-related news, Apple Computer was 2.1 percent higher to $81.65. In the semiconductors sector, Texas Instruments is expected to report after the end of today’s session.

Wal-Mart gained 3.2 percent to $50.95 after its chief financial officer said that it was planning on slowing capital spending to 2 to 4 percent in fiscal 2008, from 15 to 20 percent this year.

Chewing-gum maker Wrigley gained 14.2 percent to $53.48 on a report that earnings per share in the quarter were above predictions and that its new chief executive will be the first in the company’s history from outside the Wrigley family.

Construction machinery manufacturer Caterpillar added 2.2 percent to $60.30 after having lost 14 percent in Friday’s session on a disappointing quarterly report.

Ford Motor dropped 1.5 percent to $7.89 after it reported that it has lost 62 cents per share in the third quarter, about what had been expected by analysts.

At midday on Friday, the New York equities markets seemed poised to end the week lower than they began as weak data and rising crude oil prices hurt investor sentiment. The Dow Jones Industrial Average was 0.2 percent lower for the day and 0.9 percent down on the week to 11,284.45 and the S&P 500 was also 0.2 percent lower for the session so far and 0.6 percent lower for the week to 1,294.18. While the Nasdaq Composite was 0.1 percent higher for the day at 2,139.64, it was 1.1 percent lower on the week.

Among the economic data that contributed to this week’s declining sentiment was a larger than expected decline in the sale of both new and existing homes in July. Durable goods orders were also down in the latest figures. The bad news on home sales hurt the home improvement retail sector, with Home Depot dropping 4.1 percent during the week to $33.36, while Lowe’s lost 10.1 percent to $26.55. Beyond the housing data, Lowe’s was also hurt by a second quarter report that showed profits lower than had been expected.

Other retailers were also down on the week as the slowdown in home sales raised concerns that consumer spending in other areas would also decline. Among consumer electronics retailers, Best Buy dropped 7.1 percent to $45.53, while Circuit City was 12.2 percent lower to $22.50. Discount retailer Dollar General dropped even more, falling 13.2 percent to $12.23.

In the homebuilding sector, KB Home was 8.9 percent lower over the week to $40.44, partly on the news that it is being informally investigated by the Securities and Exchange Commission for its practices in the granting of stock options.

The news on orders for durable goods affected heavy industry. Caterpillar, the construction equipment maker, declined by 3.5 percent to $65.91, while aerospace company Boeing dropped 4.3 percent to $74.27.