S&P 500 encounters resistance at 1300
The Dow Jones Industrial Average ended up 4.5 points at 11,990. The Nasdaq Composite was up 15 points at 2,755 and S&P 500 Index rose 3 points at 1,299.5.
January 28, 2011 / 08:43 IST
By Varinder Bansal, Research Analyst at CNBC-TV18
The S&P 500 Index encountered resistance at 1300 while Dow Jones struggled to hold 12,000 mark on Thursday.The Dow Jones Industrial Average ended up 4.5 points at 11,990. The Nasdaq Composite was up 15 points at 2,755 and S&P 500 Index rose 3 points at 1,299.5.European markets ended flat: CAC was up 0.26% and DAX up 0.4% whereas FTSE was down 0.07%. CBOE VIX fell 3% at 16.15.Asian markets opened down; Nikkei was down 1%, Kospi down 0.5%, Hang Seng down 0.2%, Shanghai down 0.1% and Straits Times down 0.5%. However, Taiwan went up 0.1%.Standard & Poor's downgraded Japan debt because it expects the country's "fiscal deficits to remain high in the next few years". US Economic NewsDecember durable goods orders declined 2.5% versus 0.1% decline in the prior month; market expected increase of 1.5% Initial jobless claims for the week ended January 22 came in at three-month high of 454,000; market expected 410,000. Continuing claims were at 3.99 million, which went up from 3.90 millionPending home sales rose 2% as against expected decline of 0.5% Global OpinionTrichet said that solving the euro zone crisis was
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