US stocks end on mixed note

NEW YORK: US stocks traded mixed Monday as investors weighed better-than-expected March retail sales numbers, a sharp slowdown in New York manufacturing and renewed eurozone debt tensions.

The three main indexes opened with solid gains after a second straight weekly decline, but sentiment was tempered after a batch of contradictory signals on the health of the US economy.

The Dow Jones Industrial Average rose 71.82 points (0.56 per cent) to finish at 12,921.41.

The broader S&P 500 inched down 0.69 point (0.05 per cent) to 1,369.57, while the Nasdaq tumbled 22.93 (0.76 per cent) to 2,988.40, under pressure from technology stocks.

The Commerce Department reported overall retail and food service sales expanded by 0.8 per cent last month, slightly below February's increase but better than analysts expected.

But the New York state manufacturing index plunged to 6.6 in April, from 20.2 in March, and a homebuilders sentiment index fell more than expected.

Overhanging the US market was a rise in Spanish and Italian bond yields, said Dick Green at Briefing.com, adding, "the obsession is building."

"The market focus goes through fashions and a shift to Europe would increase anxiety in the US stock market."

In US corporate earnings news, Citigroup reported a US$2.9 billion profit for the first quarter of the year, beating market forecasts. Shares in the banking giant rose 1.8 per cent.

Toymaker Mattel plunged 9.1 per cent after posting first-quarter profit slightly below expectations, with sales in North America falling 9.0 per cent.

Wal-Mart rose 1.4 per cent. The world's biggest retailer named Marissa Mayer, Google vice president, to its board of directors. Her nomination will be considered at a June 1 shareholders meeting.

Technology stocks weighed on the Nasdaq. Apple sank 4.2 per cent and Google shed 3.0 per cent. -- AFP