Market Snapshot November 4, 2009, 4:50PM EST

Stocks Finish Mixed after Fed Statement

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Stocks ended mostly higher Tuesday, after swinging between gains and losses, as an increase in commodity prices and corporate dealmaking abated some of investors concerns about the economy. The Dow Jones industrial average slipped 17 points, after rising 77 on Monday, while broader indexes rose modestly.

On Wednesday, the ISM said its U.S. non-manufacturing index dipped to 50.6 in November, from 50.9 in September. The business activity index was essentially unchanged at 55.2 from 55.1. The employment component fell to 41.1 from 44.3. New orders inched up to 55.6 from 54.2. Prices paid rose to 53.0 after diving over 14 points in September to 48.8. The composite ISM manufacturing and non-manufacturing index was steady at 51.2 from 51.1.

"That's not quite as good as expected," said Action Economics analysts in a website posting Wednesday. "[N]evertheless it's still well off of last November's all time low 37.4" reading, analysts said.

Also Wednesday, ADP reported that private payrolls fell 203,000 in October, from a revised drop of 227,000 in September (from -254,000). The goods producing sector lost 117,000 jobs, while manufacturing saw a 65,000 decline. The service sector lost 86,000 jobs.

Investors eager for more information on the battered labor market will get data on weekly jobless claims on Thursday and the government's employment report for October on Friday.

The latest earnings reports were mostly upbeat. Comcast (CMCSA) reported a 22% increase in its third-quarter earnings. The nation's largest cable TV operator also said it sees signs the economy is improving.

Media conglomerate Time Warner Inc.) reported a 38% drop in third-quarter profit, but the results beat expectations. The company also boosted its full-year earnings forecast.

Pulte Homes' (PHM) third-quarter loss widened, but the homebuilder said it has continued to see stabilization in the housing market.

Oilfield services giant Baker Hughes (BHI) reported a third quarter profit of 18 cents per share, vs. a profit of $1.39 a year earlier, as revenues dropped 26%.

Marsh & McLennan Cos. (MMC) posted a third-quarter profit of 41 cents per share, vs. a loss of 2 cents one year earlier, as lower expenses offset a 10% revenue decline at the provider of risk and insurance services.