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US stocks mixed on weak economic data
by hlk Wed 01 Feb 2012, 13:46
NEW YORK: US stocks closed mixed on Tuesday after the release of data showing continuing weakness in home prices and slumping consumer confidence.
The Dow Jones Industrial Average fell 20.81 points (0.16 percent) to end the day at 12,632.91.
The tech-heavy Nasdaq rose 1.90 points (0.07 percent) to 2,813.84, while the SandP 500, a broader measure of the markets, slipped 0.60 point (0.05 percent) to 1,312.41.
Stocks erased opening gains on hopes that a Greek debt deal was imminent after a new batch of economic data came in worse than expected.
"Stock prices turned mixed as disappointing housing and consumer confidence readings weighed on shares," said James Bohnaker at Moody's Analytics.
The Conference Board's consumer confidence index fell to 61.1 in January from 64.8 a month earlier, showing a turn lower in Americans' hopes for a rebound in the economy.
"Regarding the short-term outlook, consumers are more upbeat about employment, but less optimistic about business conditions and their income prospects," said the board's Lynn Franco
Meanwhile the SandP-Case Shiller Index on home prices across the country fell for the fifth straight month in November, despite record-low interest rates on home loans that analysts hoped would help the sector rebound.
Still, the major indices closed the first month of 2012 scoring solid gains: the Dow was up 3.40 percent for the month, the Nasdaq 8.01 percent and the SandP 500 4.36 percent.
For the day, the Dow blue chips were led by American Express, up 2.1 percent, United Technologies, up 1.0 percent and Bank of America, up 0.9 percent.
Dow component ExxonMobil, which slightly beat analyst forecasts in its fourth-quarter earnings, slid 2.1 percent.
Pfizer shares slipped 0.8 percent after topping forecasts for fourth-quarter earnings per share, even as the company took a hit on the loss of exclusivity on its blockbuster anti-cholesterol drug Lipitor.
The Nasdaq got a boost from a robust 5.0 percent share gain from toymaker Mattel, which turned in a solid fourth quarter that topped expectations. -- AFP
The Dow Jones Industrial Average fell 20.81 points (0.16 percent) to end the day at 12,632.91.
The tech-heavy Nasdaq rose 1.90 points (0.07 percent) to 2,813.84, while the SandP 500, a broader measure of the markets, slipped 0.60 point (0.05 percent) to 1,312.41.
Stocks erased opening gains on hopes that a Greek debt deal was imminent after a new batch of economic data came in worse than expected.
"Stock prices turned mixed as disappointing housing and consumer confidence readings weighed on shares," said James Bohnaker at Moody's Analytics.
The Conference Board's consumer confidence index fell to 61.1 in January from 64.8 a month earlier, showing a turn lower in Americans' hopes for a rebound in the economy.
"Regarding the short-term outlook, consumers are more upbeat about employment, but less optimistic about business conditions and their income prospects," said the board's Lynn Franco
Meanwhile the SandP-Case Shiller Index on home prices across the country fell for the fifth straight month in November, despite record-low interest rates on home loans that analysts hoped would help the sector rebound.
Still, the major indices closed the first month of 2012 scoring solid gains: the Dow was up 3.40 percent for the month, the Nasdaq 8.01 percent and the SandP 500 4.36 percent.
For the day, the Dow blue chips were led by American Express, up 2.1 percent, United Technologies, up 1.0 percent and Bank of America, up 0.9 percent.
Dow component ExxonMobil, which slightly beat analyst forecasts in its fourth-quarter earnings, slid 2.1 percent.
Pfizer shares slipped 0.8 percent after topping forecasts for fourth-quarter earnings per share, even as the company took a hit on the loss of exclusivity on its blockbuster anti-cholesterol drug Lipitor.
The Nasdaq got a boost from a robust 5.0 percent share gain from toymaker Mattel, which turned in a solid fourth quarter that topped expectations. -- AFP
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