Wall Street ends mixed; Crude slips more than 2%
US markets ended mixed as the Dow's rally skidded to a halt as retailers reported weaker-than-expected December sales & uninspiring weekly jobless claims.
January 07, 2011 / 08:30 IST
US markets ended mixed as the Dow's rally skidded to a halt as retailers reported weaker-than-expected December sales & uninspiring weekly jobless claims.
Dow Jones Industrial Average shed 0.22% or 25.58 points at 11697.31. Nasdaq Composite rose 0.28% or7.69 points at 2709.89. Standard & Poor's 500 was down 0.21% or 2.71 poinst at 1273.85.In economic data, initial jobless claims for unemployment rose by 18,000 last week to 409,000, up from an upwardly revised 391,000 the week before and as we told you, December same-store sales were disappointing. Overall, retail sales rose 3.1% in December, just shy of the 3.4% analysts estimated.In the economic data to watch, all eyes would be on the jobs data today- the non-farm payroll data is expected to come at 160,000, while the private payrolls is expected to come at 180,000. The overall unemployment level is expected to slip to 9.7% from 9.8%.The dollar rallied against the euro pushing the euro zone single currency below a key support level of 1.31. Expectation of strong US non-farm payroll data also magnified the Euro's losses. Oil prices meanwhile tumbled more than 2% on to below USD 89 a barrel as a stronger dollar and weaker US equities deterred buyers. In the base metal space copper declined as inventory gains in London, Shanghai signaled ample supply of the industrial metal.
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