Market Wrap for Friday, January 18: Major Averages Close Mixed; Intel Falls

The major averages finished the trading day mixed with the Dow and S&P 500 rising on Friday and the Nasdaq recording a small loss. The markets are focusing primarily on earnings season as most of the world's leading companies will be reporting their quarterly results over the coming weeks. On Friday, Intel (NASDAQ: INTC) and Morgan Stanley (NYSE: MS) were among the active stocks moving on earnings news. As always, investors are also keeping an eye on Washington D.C. and the negotiations over the debt ceiling. Consumer Sentiment The University of Michigan Consumer Sentiment Index was released on Friday, showing a drop in consumer confidence in January. The reading fell from 72.9 in December 2012 to 71.3 in the preliminary January report, the lowest reading since December 2011. This number missed economists' consensus estimates of 75.0 by a wide margin. The fall in con...