Breaking News
0

US STOCKS-Wall St little changed despite upbeat data

Aug 26, 2009 12:18PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

* Durable goods post largest gain in two years

* New home sales rise at fastest pace since Sept 2008 (Updates to midday)

By Rodrigo Campos

NEW YORK, Aug 26 (Reuters) - U.S. stocks seesawed on Wednesday despite strong data on new home sales and durable goods orders as investors paused after a recent sharp run-up.

Sales of new homes rose in July to their fastest pace in 10 months, while orders for long-lasting manufactured goods surged, hinting a modest economic recovery was taking shape.

For the third consecutive day, equities briefly bounced after favorable news, but the gains fizzled.

"New home sales were better, but given the recent data we've had I don't think that was a surprise," said Michael James, senior trader at Wedbush Morgan in Los Angeles.

James said investor psychology is focusing "on the fact that we've had up moves and then sold off both Monday and Tuesday. After today's initial surge, buyers are becoming a little tired."

The Dow Jones industrial average shed 2.72 points, or 0.03 percent, to 9,536.57. The Standard & Poor's 500 Index fell 1.35 points, or 0.13 percent, to 1,026.65. The Nasdaq Composite Index dropped 6.13 points, or 0.30 percent, to 2,018.10.

The S&P 500 is on track for its sixth straight monthly rise, and has gained about 52 percent from 12-year lows set in early March.

Shares of machinery maker Cummins Inc fell 3.6 percent to $46.29, while peer Deere & Co lost 2.8 percent to $45.01, as the S&P industrials index shed 1 percent.

Homebuilder stocks were among the top gainers, with the Dow Jones home construction index up 2.3 percent. D.R. Horton Inc jumped 4.8 percent to $13.67, and Pulte Homes Inc gained 2.2 percent to $13.35.

On Nasdaq, Human Genome Sciences Inc rose 14.6 percent to $22.01 on continued speculation that GlaxoSmithKline Plc was set to pay a healthy premium for the company. A biotech stocks index rose 4.6 percent.

Buoyed by a surge in aircraft orders, durable goods orders jumped 5 percent, the largest advance since July 2007, after falling by a revised 1.3 percent in June, the government said.

Earlier, the Mortgage Bankers Association said U.S. mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June.

US STOCKS-Wall St little changed despite upbeat data
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email