🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

U.S. stocks mostly lower on weak economic data; DOW off 0.16%

Published 01/31/2012, 04:37 PM
Updated 01/31/2012, 04:38 PM
NDX
-
UK100
-
FCHI
-
DJI
-
DE40
-
STOXX50
-
MS
-
AURA
-
IXIC
-
Investing.com -  U.S. stocks closed Tuesday’s trading session mostly lower as weak economic data weighed on equities.
 
At the close of U.S. trade, the Dow Jones Industrial Average dropped 0.16%, the S&P 500 fell 0.05% and the Nasdaq Composite climbed 0.07%.
 
Equities slashed earlier gains as reports indicated that consumer confidence and and business activity both declined in the U.S. casting a bearish aura on the session.
 
The morning stock rally was sparked in Europe as leaders, meeting in Brussels, reached an agreement on a fiscal discipline treaty that includes sanctions for high deficit states and demands members to create laws to limit budget shortfalls.
 
In addition, the leaders also decided to launch the European Stability Mechanism on July 1st, one year ahead of the original plan.
 
However, Britain and the Czech Republic refrained from agreeing with the treaty.
 
In Greek news, Prime Minister Lucas Papademos stated that he is “strongly committed” to reaching a debt deal, adding to the bullish sentiment on the day.
 
Earlier, Portugal borrowing costs spiked to a euro era high, however Prime Minister Pedro Passos Coehlo calmed the markets by saying the debt is “perfectly sustainable” and there is no risk of writedowns on the bonds.
 
The unemployment rate hit a two decade low in Germany further fuelling the bullish sentiment on the session.
 
The S&P 500 is up 4.3% for the month and out of 192 companies in the index reporting results, 129 posted per share earnings that beat estimates, solidifying the bullish stock case, despite downbeat economic data. 
 
Delivery service, UPS dropped 0.9% after slightly missing sales estimates.
 
Radio Shack plunged 30% upon suspending a stock buy back program and reporting weaker than expected fourth quarter earnings.
 
Financial shares gained the most on the session with Goldman Sachs advancing 1.4% and Morgan Stanley climbing 2.3%
 
Drug maker, Eli Lily added 1.4% on higher sales of depression and diabetes medicines.
 
Toy company, Mattel soared 5.1% after beating analysts fourth quarter profit estimates.
 
At the close of European trade, the EURO STOXX 50 advanced 0.50%, France's CAC 40 gained 1.01%, while Germany's DAX surged 0.22%. Meanwhile, in the U.K. the FTSE 100 climbed 0.19%.



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.