Stocks End Little Changed; Microsoft Beats Street

U.S. stocks ended little changed on Monday, as investors mostly shrugged off the Greek election results which brought the leftist Syriza party to power. The Dow Jones Industrial Average added 6.10 points, or 0.03%, to 17,678.70. S&P 500 ended 5.27 points, or 0.26%, higher at 2,057.09. The Nasdaq Composite ended the day up 13.88 points, or 0.29%, at 4,771.76.

Solid economic growth will help the federal budget deficit shrink this year to its lowest level since President Barack Obama took office, according to congressional estimates released Monday. The Congressional Budget Office says the deficit will be $468 billion for the budget year that ends in September. That’s slightly less than last year’s $483 billion deficit.

Microsoft revealed fiscal Q2 earnings that matched Wall Street’s estimates, but weaker-than-expected gross margins weighed on shares. Revenue: $26.5 billion versus $26.33 billion expected by analysts. That’s up 8% from last year. GAAP EPS: $0.71 versus $0.71 EPS expected, which is down 9% from a year ago.

The death toll from General Motor’s defective ignition switches crossed the 50 mark in the latest tally Monday on the independent administrators’ website with the deadline for filing claims only days away.

IBM dismissed on Monday a Forbes magazine report claiming the technology firm is preparing to cut about 26 percent of its workforce, which would represent its biggest-ever layoffs.