US Stocks Stall After Sentiment Data 2012
Stocks traded flat as a weaker-than-expected reading on consumer sentiment kept gains in check.
The Dow Jones Industrial Average fell two points, or less than 0.1%, to 13251, in Friday afternoon trading. On Thursday, blue chips stretched their winning streak to seven sessions, the longest since an eight-session run ended in February 2011.The Standard & Poor's 500-stock index rose two points, or 0.1%, to 1404, and is on pace to notch its fifth consecutive weekly gain and is up 12% this year. On Thursday, the S&P 500 topped 1400 for the first time in almost four years. The Nasdaq Composite edged down one point, or less than 0.1%, to 3056.
Stocks opened higher, but dipped into the red after the Reuters/University of Michigan consumer-sentiment index declined. Elsewhere on the U.S. economic data front, consumer prices leapt in February, though slightly less than expected, a rise due almost entirely to a surge in gasoline prices. Meanwhile, industrial production was unchanged in February, but lower than expectations.
Energy and material stocks were the best-performing sectors on the S&P 500, while utility and consumer-discretionary stocks lagged behind. Bank of America BAC +5.09% gained and United Technologies UTX -1.38% slid, the biggest movers among Dow components.
Apple AAPL -0.10% declined as its third-generation iPad went on sale Friday, after briefly touching $600 for the first time on Thursday.In Europe, markets were mostly higher, with the Stoxx Europe 600 rising 0.5% to reach an eight-month high, amid optimism about global economic growth and waning concerns over euro-zone sovereign debt.
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On the day of the iPad release, Apple shares were edging towards $600 a share but the question is how long their momentum will last, Paul Vigna reports on the News Hub. Photo: Reuters.
In Asia, Japan's Nikkei Stock Average rose 0.1% to post its sixth straight weekly gain. China's Shanghai Composite rallied 1.3% but suffered a second consecutive weekly loss.
Crude-oil prices tacked on 1%, to $106.22 a barrel, while gold slipped 0.3%, to $1,655.40 a troy ounce. The dollar fell against the yen and the euro. The yield on the 10-year Treasury note rose to 2.297%.
In other corporate, Sprint Nextel AAPL -0.10% rose after the company confirmed it will terminate a 15-year spectrum-hosting agreement with LightSquared. On Thursday, The Wall Street Journal reported that Sprint S +1.79% will return $65 million in prepayments to the wireless start-up. The move comes after federal regulators said earlier this year that they intended to block LightSquared from operating its planned nationwide fourth-generation network.
Google GOOG +0.53% rose after The Wall Street Journal reported that the Internet search company is being investigated by U.S. and European Union regulators for bypassing the privacy settings of millions of users of Apple's Safari Web browser.
Dole Food DOLE +10.33% climbed after reporting its fourth-quarter loss narrowed as the fruit-and-vegetable producer continued to cut costs, offsetting a revenue decline in its main selling segment.
ATP Oil & Gas ATPG +4.88% advanced after reporting a narrower-than-expected fourth-quarter loss and revenue that topped estimates.
Packaging maker Rock-Tenn NWY +5.16% fell after the company predicted fiscal second-quarter earnings below analyst expectations, noting increased plant downtime and pricing pressure on exports.
The Dow Jones Industrial Average fell two points, or less than 0.1%, to 13251, in Friday afternoon trading. On Thursday, blue chips stretched their winning streak to seven sessions, the longest since an eight-session run ended in February 2011.The Standard & Poor's 500-stock index rose two points, or 0.1%, to 1404, and is on pace to notch its fifth consecutive weekly gain and is up 12% this year. On Thursday, the S&P 500 topped 1400 for the first time in almost four years. The Nasdaq Composite edged down one point, or less than 0.1%, to 3056.
Stocks opened higher, but dipped into the red after the Reuters/University of Michigan consumer-sentiment index declined. Elsewhere on the U.S. economic data front, consumer prices leapt in February, though slightly less than expected, a rise due almost entirely to a surge in gasoline prices. Meanwhile, industrial production was unchanged in February, but lower than expectations.
Energy and material stocks were the best-performing sectors on the S&P 500, while utility and consumer-discretionary stocks lagged behind. Bank of America BAC +5.09% gained and United Technologies UTX -1.38% slid, the biggest movers among Dow components.
Apple AAPL -0.10% declined as its third-generation iPad went on sale Friday, after briefly touching $600 for the first time on Thursday.In Europe, markets were mostly higher, with the Stoxx Europe 600 rising 0.5% to reach an eight-month high, amid optimism about global economic growth and waning concerns over euro-zone sovereign debt.
Related Video
On the day of the iPad release, Apple shares were edging towards $600 a share but the question is how long their momentum will last, Paul Vigna reports on the News Hub. Photo: Reuters.
In Asia, Japan's Nikkei Stock Average rose 0.1% to post its sixth straight weekly gain. China's Shanghai Composite rallied 1.3% but suffered a second consecutive weekly loss.
Crude-oil prices tacked on 1%, to $106.22 a barrel, while gold slipped 0.3%, to $1,655.40 a troy ounce. The dollar fell against the yen and the euro. The yield on the 10-year Treasury note rose to 2.297%.
In other corporate, Sprint Nextel AAPL -0.10% rose after the company confirmed it will terminate a 15-year spectrum-hosting agreement with LightSquared. On Thursday, The Wall Street Journal reported that Sprint S +1.79% will return $65 million in prepayments to the wireless start-up. The move comes after federal regulators said earlier this year that they intended to block LightSquared from operating its planned nationwide fourth-generation network.
Google GOOG +0.53% rose after The Wall Street Journal reported that the Internet search company is being investigated by U.S. and European Union regulators for bypassing the privacy settings of millions of users of Apple's Safari Web browser.
Dole Food DOLE +10.33% climbed after reporting its fourth-quarter loss narrowed as the fruit-and-vegetable producer continued to cut costs, offsetting a revenue decline in its main selling segment.
ATP Oil & Gas ATPG +4.88% advanced after reporting a narrower-than-expected fourth-quarter loss and revenue that topped estimates.
Packaging maker Rock-Tenn NWY +5.16% fell after the company predicted fiscal second-quarter earnings below analyst expectations, noting increased plant downtime and pricing pressure on exports.
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