Wall Street ends mixed despite positive economic data
US markets ended mixed despite positive economic news. The Dow however closed at highest levels since August 28, 2008.
January 05, 2011 / 09:06 IST
US markets ended mixed despite positive economic news. The Dow however closed at highest levels since August 28, 2008.
In economic data, November factory orders jumped 0.7%, more than expected, and up from a 0.9% decline in October.Dow Jones Industrial Average was up 0.18% or 20.43 points at 11691.18. Nasdaq Composite fell 0.38% or 10.27 points at 2681.25. Standard & Poor's 500 was down 0.13% or 1.69 points at 1270.2.The market shrugged off minutes from the most recent FOMC meeting. The minutes indicated that some committee members are still concerned about downside risk but that economic activity continues to increase at a moderate rate. In the economic data to watch, the ISM- non manufacturing index for December is expected to come at around 56. Figures for November were at 55. Also the ADP national employment report is expected today. On the commodity front, the EIA petroleum prices for the week will be out today. In the currency space- the dollar bounced from three-week lows against the euro on strong US economic data, and more gains are likely given the heavy sale of euro zone bonds anticipated this year. In the commodity space- oil prices tumbled 2.4% to USD 89.38 per barrel, as profit taking took its toll. Crude notched a session lows at USD 88.36, its worst levels in 2 weeks.In the base metal space- copper has bounced back in Asia trade, earlier dropped the most in six weeks yesterday. And in precious metals, gold saw a pullback, suffering its biggest 1-day loss since early November. The yellow metal fell by nearly 2%. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
