US stocks mixed on US data reports
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US stocks mixed on US data reports
NEW YORK: Wall Street stocks closed mixed Friday after a slate of US data reports delivered more murky signals than clarity about the direction of the economy.
At the closing bell, the Dow Jones Industrial Average was down 20.14 points (0.15 per cent) to 13,232.62.
The broad-market S&P 500 gained 1.57 points (0.11 per cent) to 1,404.17.
The tech-heavy Nasdaq Composite lost 1.11 points (0.04 per cent) to 3,055.26.
Traders were hesitant after the strong stocks run-up this week and with new data failing to provide a clear direction for the economy.
The occurrence of a "quadruple witching" day -- when settlement dates for equity options and futures and index options and futures all come on the same day -- also tempered trade.
"There are growing concerns in the market that the 2012 rally in equity markets has become extremely overbought and ripe for setback," said The Hightower Report.
Consumer prices picked up in February, but the blame was almost entirely on surging pump prices for gasoline: food prices were flat, and the core consumer price index rose just 0.1 per cent, slower than in January.
Federal Reserve data on industrial production gave an overall picture of only modest expansion so far this year, with flat growth in February following a 0.4 per cent rise in January.
Meanwhile, the University of Michigan index of consumer confidence fell by 1.0 point to 74.3, after analysts had forecast a slight rise.
Bank of America led the Dow blue chips with a 6.0 per cent gain as analysts upgraded the stock following its passing grade in the Federal Reserve's stress test.
Alcoa put on 1.8 per cent.
Ford shares sank 3.0 per cent after news that the automaker could be hit with a class action suit over alleged fuel tank defects in its popular E and F series pickup trucks.
Apple shares were flat despite the hubbub around its launch of the newest version of the hit iPad.
Blackberry maker Research in Motion jumped 6.9 per cent on rumours of an investment in the company by Samsung.
Two major online retailers took hits: Priceline lost 2.8 per cent and eBay fell 2.3 per cent. -- AFP
At the closing bell, the Dow Jones Industrial Average was down 20.14 points (0.15 per cent) to 13,232.62.
The broad-market S&P 500 gained 1.57 points (0.11 per cent) to 1,404.17.
The tech-heavy Nasdaq Composite lost 1.11 points (0.04 per cent) to 3,055.26.
Traders were hesitant after the strong stocks run-up this week and with new data failing to provide a clear direction for the economy.
The occurrence of a "quadruple witching" day -- when settlement dates for equity options and futures and index options and futures all come on the same day -- also tempered trade.
"There are growing concerns in the market that the 2012 rally in equity markets has become extremely overbought and ripe for setback," said The Hightower Report.
Consumer prices picked up in February, but the blame was almost entirely on surging pump prices for gasoline: food prices were flat, and the core consumer price index rose just 0.1 per cent, slower than in January.
Federal Reserve data on industrial production gave an overall picture of only modest expansion so far this year, with flat growth in February following a 0.4 per cent rise in January.
Meanwhile, the University of Michigan index of consumer confidence fell by 1.0 point to 74.3, after analysts had forecast a slight rise.
Bank of America led the Dow blue chips with a 6.0 per cent gain as analysts upgraded the stock following its passing grade in the Federal Reserve's stress test.
Alcoa put on 1.8 per cent.
Ford shares sank 3.0 per cent after news that the automaker could be hit with a class action suit over alleged fuel tank defects in its popular E and F series pickup trucks.
Apple shares were flat despite the hubbub around its launch of the newest version of the hit iPad.
Blackberry maker Research in Motion jumped 6.9 per cent on rumours of an investment in the company by Samsung.
Two major online retailers took hits: Priceline lost 2.8 per cent and eBay fell 2.3 per cent. -- AFP
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