US stocks mixed at midday amid mixed data

GMT 02:02 2015 Tuesday ,04 August

Arab Today, arab today US stocks mixed at midday amid mixed data

US stocks
New York - XINHUA

U.S. stocks wavered around flatline in a tight range in the morning session Monday, as investors were digesting a batch of economic reports.

By noon, the Dow Jones Industrial Average fell 66.38 points, or 0.38 percent, to 17,623.48. The S&P 500 edged down 1.46 points, or 0.07 percent, to 2,102.38. The Nasdaq Composite Index gained 3.90 points, or 0.08 percent, to 5,132.18.

In June, U.S. personal income increased 68.1 billion U.S. dollars, or 0.4 percent, beating market consensus of 0.3 percent, said the Commerce Department Monday.

Personal consumption expenditures increased 25.9 billion dollars, or 0.2 percent, in June, its smallest gain in four months.

In a separate report, the Department reported that U.S. construction spending during June 2015 was estimated at a seasonally adjusted annual rate of 1,064.6 billion dollars, 0.1 percent above the revised May estimate, missing market expectations of 0.6 percent.

Meanwhile, the July manufacturing Purchasing Manager's Index ( PMI) registered 52.7 percent, a decrease of 0.8 percentage point over the June reading of 53.5 percent, said the Institute Supply Management (ISM) in its monthly survey. A reading above 50 indicates growth, while a reading below 50 suggests contraction.

Overseas, Greece's stocks, which reopened Monday after a five- week closure, plummeted as much as 23 percent in early trading.

In Asia, Chinese shares dropped on Monday following last week's decline as investors worried about the wild swing of the market, with the benchmark Shanghai Composite Index tumbling 1.1 percent.

On Friday, U.S. stocks closed modestly lower after wavering in a narrow range as investors digested corporate earnings reports amid falling oil prices.

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