US Markets
CNBC.com
U.S. stocks closed little changed on Thursday, with the
S&P 500 touching its record high, as investors considered mostly
upbeat earnings from companies including Ford Motor and Facebook and mixed economic reports.
"Last year, the market fluctuated on what Washington was doing, this year, it's focused on fundamentals, and earnings are great and employment is slowly improving, especially in the unskilled areas," said Frank Fantozzi, president and CEO of Planned Financial Services in Cleveland, Ohio.
Read MoreHealth care jobs lift less-educated workers
"We have 70 to 72 percent meeting or beating on not just earnings but sales, so it's a very good quarter," Fantozzi added of second-quarter results from S&P 500 companies.
Facebook climbed to a record after the social network trounced estimates for quarterly profit and revenue; Ford shares rose after the auto manufacturer reported second-quarter results. Caterpillar shares fell after the maker of earth-moving machinery reported a second-quarter earnings beat, but fell short on revenue.
Read MoreCaterpillar sees Q2 earnings beat, but revenue disappoints
General Motors shares fell after the car maker reported a lower-than-expected second-quarter profit, and Wal-Mart Stores slid after the discount retailer said CEO Bill Simon would leave the company.
Read MoreMidday movers: AT&T, Caterpillar, Facebook & More
"Last year, the market fluctuated on what Washington was doing, this year, it's focused on fundamentals, and earnings are great and employment is slowly improving, especially in the unskilled areas," said Frank Fantozzi, president and CEO of Planned Financial Services in Cleveland, Ohio.
Read MoreHealth care jobs lift less-educated workers
"We have 70 to 72 percent meeting or beating on not just earnings but sales, so it's a very good quarter," Fantozzi added of second-quarter results from S&P 500 companies.
Facebook climbed to a record after the social network trounced estimates for quarterly profit and revenue; Ford shares rose after the auto manufacturer reported second-quarter results. Caterpillar shares fell after the maker of earth-moving machinery reported a second-quarter earnings beat, but fell short on revenue.
Read MoreCaterpillar sees Q2 earnings beat, but revenue disappoints
General Motors shares fell after the car maker reported a lower-than-expected second-quarter profit, and Wal-Mart Stores slid after the discount retailer said CEO Bill Simon would leave the company.
Read MoreMidday movers: AT&T, Caterpillar, Facebook & More
"The market rally is narrowing and may be ready for perhaps a 2-to-4 percent pullback," Elliot Spar, market strategist at Stifel, Nicolaus & Company, emailed in an afternoon note.
Thursday's economic reports included Commerce Department figures showing sales of new homes fell 8.1 percent in June.
"It's certainly not interest rates or affordability, but we have disappointing home sales for June," said Art Hogan, chief market strategist at Wunderlich Securities of data that had new-home sales hitting a less-than-expected 406,000 in June.
A separate government report had jobless claims coming in at 284,000 last week, less than the 308,000 estimated by analysts.
Read MoreJobless claims tumble to near 10-year lows
"The net is this number in improving; the four-week average went down by 7,000 to 302,000. That smooths out some of the summer volatility and is a significant positive," Hogan said.
Read MoreNew home sales throw cold water on jobless party
On Wednesday, stocks mostly rose, with the S&P 500 closing at a record for a 26th time this year, as investors weighed earnings from companies including Boeing and Apple.
Read MoreStocks mostly up on earnings; record close for S&P
"It's certainly not interest rates or affordability, but we have disappointing home sales for June," said Art Hogan, chief market strategist at Wunderlich Securities of data that had new-home sales hitting a less-than-expected 406,000 in June.
A separate government report had jobless claims coming in at 284,000 last week, less than the 308,000 estimated by analysts.
Read MoreJobless claims tumble to near 10-year lows
"The net is this number in improving; the four-week average went down by 7,000 to 302,000. That smooths out some of the summer volatility and is a significant positive," Hogan said.
Read MoreNew home sales throw cold water on jobless party
On Wednesday, stocks mostly rose, with the S&P 500 closing at a record for a 26th time this year, as investors weighed earnings from companies including Boeing and Apple.
Read MoreStocks mostly up on earnings; record close for S&P
Eric Thayer | Stringer | Getty Images
—By CNBC's Kate Gibson
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