U.S. Stocks Slip at Open on Weak Earnings Reports

Even in bad stock market years, families may still want to contribute to 529 plans.

Even in bad stock market years, families may still want to contribute to 529 plans.

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NEW YORK (AP) — U.S. stocks are mostly falling on disappointing earnings reports from big companies.

The Dow Jones industrial average slipped 27 points to 12,778 after the opening bell Wednesday. The Standard & Poor's 500 index fell one point to 1,362. The Nasdaq composite rose nearly five points to 2,915.

Bank of America's earnings topped most Wall Street expectations for the second quarter, but its revenue fell short. Profit declined for both PNC Financial Services Group and the investment manager BlackRock.

[READ: Stocks Close Low After Unsettling News From China.]

After the market closed Tuesday, Intel said a slowing global economy cut into its second quarter results. The chip maker warned that revenue this quarter will likely fall short of expectations.

Later this morning, Federal Reserve Chairman Ben Bernanke will give his second day of testimony before Congress to discuss the economy.

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