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NEW YORK (CNNMoney)
The Dow was flat, while the S&P 500 and Nasdaq were slightly lower. Stocks finished mixed Thursday as well. It seems that investors are searching for direction after some bigger market moves earlier in the week.
Corporate earnings have been mixed so far this quarter, providing little impetus for stocks to add to last year's impressive gains.
Shares of United Parcel Service (UPS, Fortune 500) dropped after the shipping company lowered fourth quarter earnings estimates due to a surge of last minute holiday orders. UPS took some heat late last year for failing to make deliveries in time for Christmas. Shares of rival FedEx (FDX, Fortune 500) fell slightly on the news as well.
Related: Fear & Greed Index still shows greed
Morgan Stanley (MS, Fortune 500)shares rose after the investment bank's earnings beat Wall Street estimates. The firm was the last of the six largest U.S. banks to post earnings. The majority of those banks surpassed analysts' expectations, but Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500) all reported a sharp drop in mortgage activity due to higher interest rates.
Shares dropped for General Electric (GE, Fortune 500) fell despite the conglomerate's report of a boost in quarterly earnings.
Related: CNNMoney's Tech 30 index
Intel (INTC, Fortune 500) shares sank 4% following quarterly earnings on Friday that missed expectations. Intel was the second-worst performer in CNNMoney's Tech 30 index.
"Intel's numbers left investors feeling less than enthusiastic about the group's outlook as the group expects no revenue growth in 2014," explained Ishaq Siddiqi, a market strategist at ETX Capital in London.
Related: China's growth expected to beat official targets
On the economic front, the Census Bureau released reports that showed new housing construction and building permits fell in December. The robust housing market has been a main driver of the economic recovery.
The main European indexes were mixed in afternoon trading, while Asian markets mostly ended with losses. The Hang Seng in Hong Kong was the only index to buck the trend, rising by 0.6%. 
First Published: January 17, 2014: 9:52 AM ET
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