NEW YORK — The latest batch of corporate results helped nudge the stock market to a slight gain Wednesday, snapping a three-day slump. Another drop in oil prices held indexes back.
First Solar soared 17 percent, the biggest gain in the S&P 500, on the heels of news that the country’s largest solar company turned in results that beat estimates and raised its outlook for full-year profits. First Solar’s stock jumped $7.42 to $51.92.
Better corporate earnings have helped support the stock market in the past month. Heading into the second-quarter earnings season last month, investors were braced for a sharp drop in profits. But now, with the bulk of results turned in, earnings are on track to slip just 0.2 percent, according to S&P Capital IQ.
“The expectations were that things would be terrible,” said Brad McMillan, chief investment officer for the Commonwealth Financial Network. “And while they’re not great, they’re certainly better than expected.”
The Standard & Poor’s 500 index gained 6.52 points, or 0.3 percent, to close at 2,099.84.
The Dow Jones industrial average lost 10.22 points, or 0.06 percent, to 17,540.47, while the Nasdaq composite rose 34.40 points, or 0.7 percent, to 5,139.95.
The price of oil turned lower after the Energy Department reported an increase in gasoline inventories. U.S. crude fell 59 cents to close at $45.15 a barrel on the New York Mercantile Exchange, hitting its lowest price since March. Brent crude, an international benchmark, fell 40 cents to close at $49.59 in London.
