Roundup: U.S. stocks end narrowly mixed after two-day surge

U.S. stocks were slightly mixed amid generally upbeat earnings Wednesday, as oil prices plummeted on record-high stockpiles after a four-day winning streak of nearly 20 percent.

The Dow Jones Industrial Average edged up 6.62 points, or 0.04 percent, to 17,673.02. The S&P 500 dipped 8.52 points, or 0.42 percent, to 2,041.51. The Nasdaq Composite Index inched down 11.03 points, or 0.23 percent, to 4,716.70.

Oil prices fell sharply Wednesday, as latest data showed that U. S. crude inventories gained 6.3 million barrels last week to 413.1 million, the highest level since records began in 1982.

Light, sweet crude for March delivery tumbled 4.60 U.S. dollars to settle at 48.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery lost 3.75 dollars to close at 54.16 dollars a barrel.

On the economic front, U.S. private sector employment added 213, 000 new jobs in January, according to a report by payroll processor ADP released Wednesday, shy of market consensus of 220, 000.

Meanwhile, the People's Bank of China, the country's central bank, on Wednesday decided to lower the reserve requirement ratio, the minimum level of reserve banks must hold, by 50 basis points from Thursday. The move came after the purchasing managers' index, a main gauge of manufacturing activity, fell below the 50-point mark for the first time since October 2012.

In corporate news, Sony said Wednesday its net loss for 2014 is likely less than previously forecast as higher-than-expected sales helped lift its quarterly profit. The company's shares surged 10. 90 percent to 25.94 dollars apiece.

The Walt Disney Company reported earnings for its first fiscal quarter ended Dec. 27, 2014 after Tuesday's closing bell. Diluted earnings per share for the first quarter increased 23 percent to 1. 27 dollars from 1.03 dollars in the prior-year quarter. Its animated film Frozen heated up home entertainment and toy sales. The company's shares soared 7.63 percent to 101.28 dollars per share Wednesday.

However, shares of Merck dropped 3.23 percent to 59.05 dollars apiece after the drugmaker delivered better-than-expected fourth- quarter earnings of 2014 and a weaker-than-expected guidance for 2015.

Latest data from Thomson Reuters showed that S&P 500 companies' per-share earnings in the fourth quarter are expected to grow 6.1 percent year on year, while revenue growth is forecast to increase 1.6 percent. A total of 273 companies in the S&P 500 have reported earnings for the fourth quarter of 2014 to date.

U.S. equities extended rally Tuesday as oil prices surged more 7 percent to settle at their highest level in 2015.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, rose 5.77 percent to end at 18.33 Wednesday.

In other markets, the U.S. dollar climbed against most major currencies on Wednesday after it suffered the biggest daily losses in one year in the previous session.

In late New York trading, the euro slipped to 1.1418 dollars from 1.1487 dollars in the previous session, while the greenback bought 117.36 Japanese yen, lower than 117.60 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange increased on Wednesday as China boosted liquidity by lowering the requirements for banks' reserve ratios of cash.

The most active gold contract for April delivery rose 4.2 dollars, or 0.33 percent, to settle at 1,264.50 dollars per ounce. Endite