US stocks end nearly flat

Dhaka,  Thu,  17 August 2017
Published : 17 May 2017, 11:59:26
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US stocks end nearly flat

US stocks end nearly flat
The S&P 500 and the Dow ended Tuesday's session flat after mixed economic data and retail earnings, while the Nasdaq had another record close with help from technology stocks.

US manufacturing production showed its biggest increase in more than three years in April, bolstering a view that economic growth picked up early in the second quarter despite a surprise decline in homebuilding.

Investors were also cautious about potential delays to the government's tax and regulation reform agenda after reports late Monday that President Donald Trump disclosed highly classified information to Russia's foreign minister about a planned Islamic State operation.

The Dow Jones Industrial Average closed down 2.19 points, or 0.01 per cent, to 20,979.75, and the S&P 500 lost 1.65 points, or 0.07 per cent, to 2,400.67, easing from an intraday record high of 2,405.77.

The Nasdaq Composite added 20.20 points, or 0.33 per cent, to 6,169.87, a record close for the index.

Only two of the 11 major S&P 500 sectors closed higher, with technology providing the biggest boost. The sector rose 0.5 per cent, with an outsized boost from Microsoft, which rose 2.0 per cent.

Soros Fund Management disclosed late Monday that it more than tripled its stake in Microsoft, which also benefited from investors' focus on security.

The S&P's financial sector ended the day with a 0.2-per cent gain. Utilities were the S&P's biggest decliner of the day with a 0.8-per cent drop.

UnitedHealth and Pfizer were the S&P's biggest drags. Pfizer fell 1.6 pct to $32.60 after Citigroup downgraded the drug developer's stock to "sell," from "neutral."

Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored decliners.

The S&P 500 posted 61 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 133 new highs and 60 new lows.

About 6.4 billion shares changed hands on U.S. exchanges compared with the 6.8 billion average for the last 20 sessions, according to Reuters.

 
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