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US stock slip at open on weak earnings reports as investors await testimony from Fed chairman
NEW YORK (AP) ¯¯¯ U.S. stocks are mostly falling on disappointing earnings reports from big companies.
The Dow Jones industrial average slipped 27 points to 12,778 after the opening bell Wednesday. The Standard & Poor's 500 index fell one point to 1,362. The Nasdaq composite rose nearly five points to 2,915.
Bank of America's earnings topped most Wall Street expectations for the second quarter, but its revenue fell short. Profit declined for both PNC Financial Services Group and the investment manager BlackRock.
After the market closed Tuesday, Intel said a slowing global economy cut into its second quarter results. The chip maker warned that revenue this quarter will likely fall short of expectations.
Later this morning, Federal Reserve Chairman Ben Bernanke will give his second day of testimony before Congress to discuss the economy.