* Yelp shares rally on results, boosting Internet names
* LinkedIn down after the bell
* Auto sales upbeat; U.S. payrolls due Friday
* Dow down 0.1 pct, S&P 500 down 0.01 pct, Nasdaq up 0.3 pct
(Updates close with volume, Expedia, LinkedIn down after the
By Caroline Valetkevitch
NEW YORK, May 1 The S&P 500 ended nearly flat on
Thursday as investors paused ahead of Friday's jobs report,
though gains in Internet shares helped lift the Nasdaq.
The Dow eased back into negative territory for the year, a
day after closing at its first record high of 2014.
The April jobs report, which is expected to show U.S.
employment rose at its fastest clip in five months based on a
Reuters survey of economists, could further confirm the economic
momentum is back on track after a dismal winter.
Thursday's U.S. April car sales showed a rebound from the
winter, and General Motors shares gained 1.2 percent to
$34.90. They followed an upbeat view of the economy from the
Federal Reserve on Wednesday.
Facebook, up 2.3 percent at $61.15, and other
Internet shares were among the day's best performers, helped by
strong results from Yelp, whose shares gained 9.8
percent to $64.02.
Tech shares had sold off in recent weeks on concerns that
they, along with biotech "momentum" names, were overvalued. The
Nasdaq lost 2 percent in April compared with the Dow and S&P
500's slight gains.
"Some of the growth names are coming back. They've been
really kind of beaten down mercilessly, and I think (the bounce)
has to do with the fact that earnings are being perceived as OK
in some of those sectors," said Bruce Zaro, chief technical
strategist at Delta Global Asset Management in Boston.
The Dow Jones industrial average fell 21.97 points or
0.13 percent, to 16,558.87, the S&P 500 lost 0.27 points
or 0.01 percent, to 1,883.68 and the Nasdaq Composite
added 12.896 points or 0.31 percent, to 4,127.451.
Among other Internet gainers, TripAdvisor Inc added
3.4 percent to $83.50 while Amazon.com rose 1.2 percent
to $307.89. The Global X Social Media index ETF rose
After the bell, however, shares of LinkedIn fell
2.7 percent to $156.85 after it forecast 2014 revenue below
analysts' expectations. Expedia shares
dipped 1.5 percent to $72.80 even as its adjusted profit topped
During the regular session, the biggest drag on the S&P 500
was Exxon Mobil, which declined 1 percent to $101.41
despite reporting first-quarter earnings that exceeded
DirecTV Inc rose 4.1 percent to $80.76 after the
Wall Street Journal reported that AT&T Inc had approached
the company about a possible acquisition. Shares of AT&T dipped
0.3 percent to $35.58.
Early Thursday, jobless claims unexpectedly rose in the
latest week, though the underlying trend continued to point to
an improving labor market. U.S. consumer spending recorded its
largest increase in more than four and a half years in March.
About 6.4 billion shares changed hands on U.S. exchanges,
below the 6.7 billion average of the last five days, according
to data from BATS Global Markets.
(Editing by Bernadette Baum and Nick Zieminski)