Breaking News

U.S. stocks steady after mixed data; Dow Jones up 0.01%

Stock MarketsDec 19, 2012 09:51AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Investing.com - U.S. stocks opened steady on Wednesday, after the release of mixed U.S. economic data, while investors continued to focus on U.S. budget negociations.

During early U.S. trade, the Dow Jones Industrial Average inched up 0.01%, the S&P 500 index dipped 0.04%, while the Nasdaq Composite index rose 0.23%.

In a report, the U.S. Census Bureau said that U.S. housing starts fell by 3% in November to a seasonally adjusted 0.861 million, compared to a 2.5% decline to 0.873 million.

Housing starts for October were revised down to 0.888 million units from a previously reported 0.894 million units.

The report also showed that the number of building permits issued in November jumped 3.6% to a seasonally adjusted 0.899 million, compared to expectations for a gain of 0.8% to 0.875 million.

Building permits issued in October totaled 0.868 million units.

Meanwhile, sentiment remained supported by signs of progress in negotiations aimed at avoiding the fiscal cliff, automatic tax hikes and spending cuts due to take effect on January 1, which investors fear could threaten U.S. and global growth.

Among earnings, FedEx surged 2.19% after the package-delivery company posted earnings that dropped less-than-expected.

In the pharmaceutical sector, pharmaceutical giant Pfizer advanced 0.43% after saying it plans to cut about 20% of its sales force for primary-care drugs, according to a Bloomberg report.

General Motors added to gains, with hares soaring 8.46% after the automaker said it will buy back 200 million of its own shares from the Treasury for USD27.50 a share over the next 15 months.

Elsewhere in company news, Knight Capital rallied 6.31% after agreeing to be acquired by Getco in deal valued at nearly USD1.4 billion.

On the downside, Google dipped 0.06% after a U.S. judge ruled the company's Motorola Mobility unit cannot assert a patent against Apple which covers a sensor that stops phone users from dialing wrong numbers on touchscreen devices.

Separately, the New York Times reported that the Federal Trade Commission is unlikely to finish its investigation before January into whether Google abused its power in the search market.

Other stocks in focus included Accenture, the technology outsourcing and consulting company, due to report first quarter results after the market close.

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.60%, France’s CAC 40 rose 0.46%, Germany's DAX added 0.33%, while Britain's FTSE 100 advanced 0.67%.

During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.57%, while Japan’s Nikkei 225 Index surged 2.39%.

U.S. stocks steady after mixed data; Dow Jones up 0.01%

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.

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

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
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?
Replace the attached chart with a new chart ?
Post 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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email