Stocks are mixed as tech companies rise and energy falls

NEW YORK (AP) — U.S. stocks are quiet Wednesday morning as technology companies rise and energy companies continue to fall as investors sort through the ongoing damage caused by Tropical Storm Harvey. Chipmaker Analog Devices is climbing while tax preparer H&R Block is skidding after the companies issued their latest quarterly reports. The Commerce Department raised its estimate for economic growth and said the U.S. gross domestic product grew at its fastest pace in two years between April and June.

KEEPING SCORE: The Standard & Poor’s 500 index picked up 1 point, or 0.1 percent, to 2,447 as of 10:05 a.m. Eastern time. The Dow Jones industrial average lost 15 points, or 0.1 percent, to 21,849. The Nasdaq composite gained 20 points, or 0.3 percent, to 6,322 as technology companies rose for the third day in a row. The Russell 2000 index of smaller-company stocks was unchanged at 1,384. On the New York Stock Exchange, slightly more stocks fell than rose.

EARNINGS: Chipmaker Analog Devices advanced after it announced strong results in the third quarter along with a better-than-expected revenue forecast for the current period. Its stock jumped $3.56, or 4.5 percent, to $83.11. Drone maker AeroVironment climbed $6.84, or 17.4 percent, to $46.19 after the company said product sales almost doubled in the fiscal first quarter. Brown-Forman, the maker of Jack Daniel’s whiskey and other drinks, raised its profit forecast and posted strong first-quarter results. The shares rose $1.55, or 3 percent, to $52.75.

H&R Block lost $1.92, or 6.6 percent, to $27.28 after its report.

STORM DAMAGE: Energy companies continued to fall as the Gulf region was inundated with rain by Harvey, which has knocked out significant oil drilling and refining capacity. On Tuesday the largest oil refinery in the U.S. was shut down. The operator of a major pipeline carrying fuel to the East Coast also said it was running at a reduced rate too.

The tropical storm has dumped a record amount of rain on the Gulf Coast. It made landfall again in Louisiana overnight. Authorities say at least 18 people have died in the storm and 13,000 have been rescued.

Anadarko Petroleum retreated 49 cents, or 1.2 percent, to $40.22 and Marathon Oil lost 18 cents, or 1.7 percent, to $10.70.

Benchmark U.S. crude dropped 42 cents to $46.02 a barrel in New York while Brent crude, the international standard, fell 35 cents to $51.31 per barrel in London.

ECONOMY AND HIRING: The U.S. economy grew 3 percent in the second quarter, according to the Commerce Department. That’s the fastest pace in two years. The agency raised its projection from last month, when it estimated that gross domestic product rose 2.6 percent.

Meanwhile U.S. businesses added 237,000 jobs in August with broad gains across several industries including construction, manufacturing and leisure and hospitality, according to a survey of private businesses by ADP. The government will make its own report on hiring Friday.

BONDS: Investors’ concerns about tensions between the U.S. and North Korea appeared to ease, and bond prices inched lower. The yield on the 10-year Treasury note rose to 2.15 percent from 2.13 percent. The price of gold fell $6.40, or 0.5 percent, to $1,312.50 an ounce.

CURRENCIES: The dollar rose to 110.26 yen from 109.71 yen. The euro declined to $1.1917 from $1.1992.

OVERSEAS: European stocks bounced back after several days of losses. Germany’s DAX rose 0.6 percent and the French CAC 40 gained 0.6 percent. The FTSE 100 in Britain added 0.5 percent. In Japan, the Nikkei 225 rose 0.7 percent and South Korea’s Kospi gained 0.3 percent. Hong Kong’s Hang Seng jumped 1.2 percent.