Star-Bulletin news services
Stocks finish mixed
ahead of jobless data
NEW YORK >> Wall Street barely budged yesterday as investors showed little enthusiasm for buying while they awaited key economic reports scheduled for later this week.
With the bulk of third-quarter earnings reported and pre-announcements for the fourth quarter still to come, the market is especially sensitive to economic data, said Charles G. Crane, strategist for Victory SBSF Capital Management. The market was waiting in particular for this week's Labor Department reports.
"Every month that passes, those statistics will become more politically charged," Crane said. "And when you add that element to the analysis, it can create some unpredictable effects on stock prices."
At the close of trading, the Dow Jones industrial average was down 18.00, or 0.2 percent, at 9,820.83. The broader market indexes were narrowly mixed. The Nasdaq composite index ended the day up 1.41, or 0.1 percent, at 1,959.37. The Standard & Poor's 500 index was down 1.44, or 0.1 percent, at 1,051.81.
Decliners edged advancers on the New York Stock Exchange. Consolidated volume was moderate, with 1.80 billion shares, compared with 1.81 billion shares traded Tuesday.
The Russell 2000 index rose 0.04, or 0.01 percent, at 538.91. The NYSE composite index fell 9.34, or 0.2 percent, to 5,966.58. The American Stock Exchange composite index rose 1.58, or 0.2 percent, to 1,064.56. The Treasury's two-year note fell 532 to 99 1332, with its yield rising 8 basis points to 1.92 percent. The 10-year note dropped 1532 to 99 532, with its yield gaining 6 basis points to 4.36 percent.
A government report showing a rebound in orders to U.S. factories in September signaled more economic improvement yesterday. That followed an industry report earlier this week that said manufacturing in October was at its highest level in nearly four years. The Institute for Supply Management reported yesterday that the U.S. service sector expanded for a seventh straight month, and that employers have started hiring again -- a further signal that things are looking up.
Some investors might have been holding off in anticipation of results from technology bellwether Cisco Systems Inc., which beat analyst expectations in earnings reported after the close. Cisco, which closed up 22 cents at $21.80 in regular trading, gained $1.22, or 5.6 percent, in after-hours dealings. Tech investors were also waiting for results from wireless chipmaker Qualcomm Inc., which met expectations and offered a bright outlook for the next quarter. Qualcomm ended the day down 73 cents at $46.59, but won much of that back after hours.
In the regular session, Priceline.com sank $7.59, or 26 percent, to $21.66 after lowering its outlook for the fourth quarter because of weak airline ticket sales. The online travel broker matched analysts' estimates in third quarter results announced after the market closed Tuesday.
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