12:30 New York – U.S. market indexes traded sideways after the largest weekly losses in two years. Berkshire Hathaway Inc said second quarter net income soared 41% to $6.4 billion. CNA Financial said quarterly sales declined 4% and Loews Corp sales fell 0.5%.
U.S. stocks traded sideways after broader indexes suffered biggest weekly losses in two years and investors digested more earnings announcements.
S&P 500 index increased 0.81 to 1,925.95 and the Nasdaq Composite Index added 9.88 to 4,362.49.
Berkshire Hathaway Inc
((BRK.A)) jumped 1.9% or $3,670 to $192,949 after the insurance company said total revenue in the second-quarter ending in June climbed 11.3% to $49.76 billion from a year ago period.
Net income in the quarter surged 40.9% to $3.89 million compared to $2.76 million from a same quarter last year.
CNA Financial Corp
) decreased 25 cents to $37.81 after the insurance company said revenue in the second-quarter ending in June slumped 4% to $1.65 billion from a year ago period.
Net income in the quarter soared 37.6% to $267 million or 98 cents a diluted share compared to $194 million or 72 cents from a same quarter last year.
) fell 22 cents to $42.03 after the property and insurance conglomerate reported total revenue in the second-quarter ending in June slid 0.5% to $3.59 billion from a year ago period.
Net income in the quarter tumbled 56.9% to $116 million or 30 cents a diluted share compared to $269 million or 69 cents from a same quarter last year.
Euro zone developments were in focus after Portugal was forced to bailout Banco Espirito Santo SA for 4.9 billion euros or $6.6 billion in a deal that will protect depositors but junior bond holders will face losses.
In London trading, FTSE 100 index rose 0.2% or 14.33 to 6,693.51 and in Frankfurt the DAX index fell 0.2% or 21.25 to 9,188.83.
In Paris, CAC 40 index increased 0.6% or 25.27 to 4,228.05.
On the corporate front, Co-operative Group agreed to sell its farms business to Wellcome Trust for £249 million. HSBC profit declined 11% to £1.5 billion.
Immofinanz net surged 63% to €180 million. Keller Group net swung to a loss £5.1 million while revenue soared 22% to £788 million.
Stocks in Tokyo declined for a third day and financial and banking stocks led the decline and Softbank was in focus after a competing bid emerged for its proposed merger of U.S. wireless carriers Sprint and T Mobile.
The Nikkei 225 Stock Average slipped 48.61 or 0.3% to 15,474.50 and the broader Topix index slid 5.11 to 1,276.19.
The yen closed at 102.65 against one U.S. dollar.
In Mumbai trading, the Sensex Index climbed 242.32 or 0.9% to close at 25,723.16 The CNX Nifty jumped 81.05 to 7,683.65.