Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

U.S. stocks end mixed on earnings, GDP data, Dow gains 0.03%

Published Oct 26, 2012 04:21PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

 

 
NDX
-0.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UK100
-0.14%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FCHI
+0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.16%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE40
+0.51%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
STOXX50
+0.19%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Investing.com - U.S. stocks ended higher on Friday following a choppy session, rising after stronger-than-expected economic growth numbers published in the U.S. though weak earnings weighed on the rally.

At the close of U.S. trading, the Dow Jones Industrial Average rose 0.03%, the S&P 500 index was down 0.07%, while the Nasdaq Composite index was up 0.06%.

The U.S. economy grew 2.0% in the third quarter, according to advance estimates release by the Bureau of Economic Analysis, up from 1.3% in the previous quarter.

The number beat analysts' forecasts for 1.9% economic growth in the third quarter, which sparked demand higher-yielding assets and enticed investors out of the safety of the greenback.

Elsewhere in the U.S., Thomson Reuters/University of Michigan final survey on October consumer sentiment fell to 82.6 from a preliminary reading of 83.1.

Analysts had expected the index to tick down to 83.0 in October.

Elsewhere, investors sold on Friday to await the outcome of U.S. elections on Nov. 6, with neither President Barack Obama or his Republican challenger Mitt Romney emerging as a clear frontrunner with a little over a week to go.

Third-quarter earnings have disappointed as well, and fears that a fast-approaching fiscal cliff may dampen growth rates next year sent investors to the sidelines as well.

At the end of this year, tax breaks expire in the U.S. right at the same time automatic spending cuts to government spending kick in, a combination known as a fiscal cliff that could send the economy into a recession next year if Congress fails to adjust the timing of tax hikes and public-spending cuts.

The nonpartisan Congressional Budget Office has said that failure to address the fiscal cliff could send the economy shrinking by 0.5% next year, technically a recession.

Legislators have largely been unwilling to touch such tax and fiscal reforms in an election year, and even if they do reach a deal, uncertainty alone could dampen an already tepid U.S. recovery, as businesses have put off expanding and hiring because they don’t know how much they will be paying in taxes next year.

Brewing concerns that the European debt crisis may be rekindling in Greece watered down the mood.

German Finance Minister Wolfgang Schaeuble reportedly said doubts have arisen as to whether Greece will meet bailout targets.

Elsewhere, an International Monetary Fund report found that Greek debt is poised to exceed targets agreed upon with international lenders, though Greece allayed worries by stating an agreement on an austerity package was being held up by opposition from a coalition ally.

Earlier this week, Greece said its European and IMF creditors gave it more time to push through austerity cuts though E.U. officials said otherwise.

Concerns the debt crisis may reheat in Greece dampened a risk-on rally.

Leading Dow Jones Industrial Average performers included Microsoft, up 1.18%, United Technologies, up 1.16%, and Intel, up 1.15%.

The Dow Jones Industrial Average's worst performers included JPMorgan Chase, down 1.22%, Bank of America, down 1.19%, and Procter & Gamble, down 0.91%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.51%, France's CAC 40 rose 0.69%, while Germany's DAX 30 finished up 0.44%. Meanwhile, in the U.K. the FTSE 100 rose 0.03%.   












U.S. stocks end mixed on earnings, GDP data, Dow gains 0.03%
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email