Investing.com -- U.S. stocks were relatively flat amid weak volume on the eve of Thanksgiving, as investors reacted to a flurry of mixed economic data, which provided little clarity as to whether the Federal Reserve could raise short-term interest rates when it meets again on next month.
The Dow Jones Industrial Average gained 1.20 or 0.01% to 17,813.39, while the NASDAQ Composite index added 13.33 or 0.26% to 5,116.14 on one of the lightest trading days of the year. The S&P 500 Composite index fell 0.27 or 0.01% to 2,088.27, as six of 10 sectors closed in the red. Stocks in the Energy, Basic Materials and Utilities sectors lagged, while stocks in the Health Care and Consumer Services industries led. With the slight gains, the major indices closed higher for the third time in four sessions.
On Wednesday morning, the U.S. Commerce Department's Bureau of Economic Analysis said U.S. personal income last month rose by 0.4%, in line with consensus estimates. Consumers spending, meanwhile, ticked up by 0.1% in October, following a 0.1% increase a month earlier. The Core PCE Index, which strips out food and energy prices, remained unchanged, after gaining 0.1% in September. On a yearly basis, the core reading stood at 1.3%, also unchanged from a month earlier. The Core PCE Index is the Fed's preferred gauge of inflation as it weighs whether to raise short-term interest rates for the first time in nearly a decade.
The top performer on the Dow was Pfizer Inc (N:PFE), which gained 0.95 or 2.97% to 52.65. Investors continued to react to Monday's announcement that the major pharmaceutical company will merge with Dublin-based Allergan (N:AGN_pa) in a $160 billion deal aimed at taking advantage of a more favorable tax environment in Ireland. The worst performer was General Electric Company (N:GE), which fell 0.30 or 0.98% to 30.36 after multinational conglomerate completed the sale of its Australia and New Zealand consumer finance arm for $4.3 billion to a consortium of investors, including Deutsche Bank (DE:DBKGn).
The biggest gainer on the NASDAQ was Keurig Green Mountain Inc (O:GMCR), which rose 3.80 or 7.78% to 52.65, as investors digested the coffee company's quarterly results, which showed a lower than expected per share loss over the previous three months. Shares in Keurig are still down by more than 65% this year. The worst performer was Biomarin Pharmaceutical Inc (O:BMRN), which fell 1.86 or 1.90% to 95.94, after an FDA review panel concluded that a series of trials testing the effectiveness of its muscular dystrophy drug failed to show that it helped treat a large percentage of patients.
Keurig also finished as the top performer on the S&P 500, just ahead of CONSOL Energy Inc (N:CNX), which gained 0.49 or 6.52% to 8.01. On Wednesday, U.S. crude futures closed above $42 a barrel for only the second time in the last 10 sessions. The worst performer was NRG Energy Inc (N:NRG), which lost 0.44 or 3.49% to close at 12.18.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,852-1,202 margin.