U.S. stocks open mixed to lower, Fed in focus; Dow Jones down 0.05%
Published May 20, 2013 09:40AM ET
During early U.S. trade, the Dow Jones Industrial Average dipped 0.05%, the S&P 500 index inched 0.06% higher, while the Nasdaq Composite index eased 0.09%.
On Friday data showed that U.S. consumer sentiment rose more than expected in May, climbing to an almost six year high.
The University of Michigan said its consumer sentiment index jumped to 83.7 in May, its highest level since 2007, from 76.4 in the preceding month, outstripping expectations for a reading of 78.0.
Yahoo shares rallied 1.62% as the company was preparing to unveil updates to the company’s Flickr photo-sharing site later Monday, amid reports that the board has approved a USD1.1 billion acquisition of blogging network Tumblr Inc.
Yahoo Chief Executive Officer Marissa Mayer was set to detail changes to Flickr at a press event in New York.
Adding to gains, General Motors rose 0.33% after the stock broke above its 2010 initial public offering price of USD33 on Friday for the first time since May 2011. In addition, CLSA raised its rating on the automaker's stock to "buy" from "underperform."
Elsewhere, Pactera Technology International soared 33.0.8% after a Blackstone affiliate proposed to take the IT consulting company private.
Among earnings, Campbell Soup jumped 1.36% after the soup maker posted higher-than-expected earnings and lifted its full-year forecast, thanks to improved sales.
On the downside, Tableau Software retreated 0.78% for its second day of trading, after jumping over 1% on Friday as investors bet the rising interest in big data will drive the data analysis software maker's growth.
Across the Atlantic, European stock markets were mixed to higher. The EURO STOXX 50 fell 0.23%, France’s CAC 40 edged up 0.06%, Germany's DAX rose 0.35%, while Britain's FTSE 100 added 0.08%.
During the Asian trading session, Hong Kong's Hang Seng Index surged 1.78%, while Japan’s Nikkei 225 Index rallied 1.47%.
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Written By: Investing.com
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