Stocks mixed on economic, corporate worries

NEW YORK -- Uneasy investors had little appetite for stocks Wednesday after getting evidence of a still-struggling economy.

Stocks were mixed on Intel's decision not to provide detailed forecasts for future quarters, although the chipmaker's first-quarter earnings came in well above expectations.

Government data provided further signs of a slowing economy.

The Federal Reserve said production at the nation's factories, mines and utilities fell for the fifth straight month in March, matching February's drop and surpassing the 1% dip analysts expected.

And the Labor Department reported consumer prices fell 0.1% last month as a drop in energy prices offset the biggest rise in tobacco prices in more than a decade. It was a better performance than the 0.1% rise in the consumer price index that economists had expected, but still reflected weaker business activity.

The data, plus corporate news like Intel's are fanning worries in the market that a five-week rally in stocks from early March might have been overdone.

"We're going to continue to get bad news," said David Hefty, chief executive of Cornerstone Wealth Management in Auburn, Ind. Hefty noted though, that investors are less swayed right now by actual fundamentals in the economy and more by the momentum of the market.