NYSE up but Google, Apple pull down Nasdaq

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The Dow Jones Industrial average finished 49.04 points higher (0.41 per cent) at 11,871.84, while the S&P 500 rose 3.09 per cent (0.24 per cent) to 1,283.35.

But the tech-heavy Nasdaq dropped 14.75 (0.55 per cent) to 2,689.54, as key components like Apple, Google and Microsoft all lost ground.

The Dow got propulsion from GE, which posted banner fourth-quarter profit of $3.9 billion and said its order backlog was at "a record $175 billion."

GE closed the day up 7.11 per cent to $19.74.

Bank of America, the country's largest bank, fell 1.99 percent after reporting a net loss of $1.2 billion for the fourth quarter, far worse than analyst forecasts.

The bank cited falling revenue and a hefty $2.0 billion writedown on its home-loan business, saying that excluding the writedown, it would have earned a profit of $756 million in the quarter.

The Nasdaq got hit by Apple's 1.79 per cent drop, Google's 2.38 per cent fall, and Microsoft paring 1.17 per cent.

Google started the day in positive area after having turned in strong results after the bell Thursday, and simultaneously announcing that company co-founder Larry Page would replace Eric Schmidt as chief executive.

"This is the third straight session that participants have pushed harder against the Nasdaq than either of its counterparts. Most of that is due to a rejection of large-cap tech issues," said analysts at Briefing.com.

"A lot of investors were expecting more," said Owen Fitzpatrick, of Deutsche Bank.

The bond market rebounded from its fall Thursday. The 10-year Treasury yielded 3.416 per cent compared to 3.459 per cent the day before, while the 30-year Treasury was at 4.574 per cent against 4.622 per cent Thursday.

Bond prices and yields move in opposite directions.