Stocks Little Changed as Tech Sector Dragged

U.S. stocks closed little-changed on Tuesday as tech stocks weighed on the broader market. The Dow industrials rose 49.44 points, or 0.27%, to 18,053.60. The S&P 500 advanced 6.46 points, or 0.31%, to 2,100.80. The Nasdaq Composite shed 19.69 points, or 0.40%, to 4,940.33.

Intel Corp. (INTC) said late Tuesday it will lay off 12,000 employees, or about 11% of its workforce. But Intel beat on both earnings and revenue.T he company said it earned $2 billion, or 42 cents a share, in the quarter. Adjusted for one-time items, Intel earned $2.6 billion, or 54 cents a share, compared with 45 cents a share in the year-ago period. Revenue hit $13.8 billion in the quarter, up from $12.8 billion a year ago.

Yahoo! Inc. (YHOO) today reported results for the quarter ended March 31, 2016.The company reported adjusted earnings of 8 cents a share on revenue of $1.09 billion. Excluding traffic acquisition costs, revenue was $859 million.

Oil prices rose on Tuesday following a workers’ strike in Kuwait. Brent crude oil rose 2.6 percent to settle at $44.03 per barrel, while U.S. crude oil gained 3.3 percent to settle at $41.08 per barrel.

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