NEW YORK — Wall Street is drifting on Friday toward the finish of its third winning week in the last four, as more big U.S. companies deliver stronger profits for the spring than analysts expected.
The S&P 500 was virtually unchanged in midday trading after setting its all-time high the day before. The Dow Jones Industrial Average was down 155 points, or 0.3%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was nearly unchanged after coming off its own record.
Norfolk Southern chugged 2.5% higher after an AP source said it’s talking with Union Pacific about a merger to create the largest railroad in North America, one that would connect the East and West coasts. Any such deal, though, would likely face tough scrutiny from U.S. regulators. Union Pacific’s stock fell 1.7%.
Two of the heavier weights on the market, meanwhile, were companies that actually reported stronger profits