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Stocks close mixed: Dow up on Boeing; Apple off 2.3%

Adam Shell
USA TODAY

Stocks cut early losses and closed mixed Wednesday as investors continue to grapple with the trend of U.S. corporate earnings "beats" being offset by companies that fall short of forecasts continues to keep the broad market in its sideways pattern.

Thomas McCauley, left, works with fellow traders on the floor of the New York Stock Exchange, Monday, Oct. 24, 2016.  batch of corporate deals. (AP Photo/Richard Drew)

The Dow Jones industrial average rose 30 points, or 0.2%, to 18,199 after being down about 100 points earlier. Dow component profit beats from aerospace giant Boeing (BA) offset disappointing results from iPhone maker Apple (AAPL), which topped earnings estimates by a penny but clocked in its third straight quarter of declining revenue and its first full-year revenue decline in 15 years.

Boeing's stock surged 4.7% and Apple fell 2.3%.

The broad Standard & Poor's 500 stock index fell 0.2% to 2139 and the Nasdaq composite index slid 0.6% to 5250.

The broad market was also dragged down by another drop below $50 per barrel for U.S.-produced crude oil.

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Stocks were broadly lower in Europe and Asia. The broad Stoxx Europe 600 index was off 0.4%, and shares were lower in Germany, France and Britain. In Asia, despite a 0.2% gain for Japan's Nikkei 225, major stock indexes closed lower in Hong Kong and Shanghai.

In other earning news, Wall Street was reacting to by a big profit miss from restaurant chain Chipotle Mexican Grill (CMG), which is still reeling from its food-safety issue, and cuts to the full-year forecast from music streamer Pandora (P) and hotel chain Wyndham Worldwide (WYN).

Chipotle shares were off more than 9%, Pandora was down more 3.3% and Wyndham was down more than 6%.

The earnings picture is being closely watched, as third-quarter profit growth has turned positive, which has raised hopes that the so-called profits recession will end at four quarters. Still, some of the profit reports have come in weak and so-called forward guidance from CEOs has been leaning to the negative side.

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