US stocks flat following mixed economic data

GMT 15:42 2014 Wednesday ,26 November

Arab Today, arab today US stocks flat following mixed economic data

Dow Jones Industrial Average stood
Washington - AFP

US stocks were little changed in early trade Wednesday as investors digested a stream of mixed economic data in the last day of business before the Thanksgiving holiday.
About 25 minutes into trade, the Dow Jones Industrial Average stood at 17,810.48, down a scant 4.46 points (0.03 percent).
The broad-based S&P 500 edged up 1.26 (0.06 percent) to 2,067.29, while the tech-rich Nasdaq Composite Index added 7.63 (0.16 percent) at 4,765.88.
Data showed a slight increase in US consumer spending in October, a rise in durable goods orders in October and higher jobless claims for the week ending November 22.
Markets are closed Thursday for Thanksgiving and shutter early on Friday. Analysts were expecting light trading volumes.
Deere, which manufactures tractors and other agriculture equipment, fell 3.2 percent as it projected a 15 percent decline in equipment sales in 2015.
Hewlett-Packard advanced 2.8 percent after fiscal fourth-quarter earnings met expectations even as revenues of $28.41 billion fell shy of the $28.76 billion projected by analysts.
Oil stocks retreated as US crude prices fell again amid uncertainty on whether OPEC will cut production at Thursday's meeting in Vienna. Dow member Chevron fell 0.7 percent, oil-services company Schlumberger lost 2.2 percent and driller Transocean declined 5.3 percent.
Another offshore drilling company, Seadrill, plummeted 16.6 percent as it suspended its dividend, citing "significant deterioration in the broader markets."
Bond prices rose. The yield on the 10-year US Treasury fell to 2.24 percent from 2.26 percent Tuesday, while the 30-year dipped to 2.94 percent from 2.97 percent. Bond yields and prices move inversely.

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