Business News

Published: Thursday April 25, 2013 MYT 12:00:00 AM
Updated: Friday April 26, 2013 MYT 12:44:58 AM

Wall Street ends mostly flat, Procter, AT&T tumble

NEW YORK: The S&P 500 and Nasdaq ended flat on Wednesday with Boeing's five-year high among the day's highlights, but weakness in Procter & Gamble and AT&T kept the Dow in negative territory.

Materials and energy stocks led the S&P 500's gains as copper and oil prices bounced back from recent declines. Commodity gains were capped by worries about the outlook for global economic growth.

A sharp drop in U.S. durable goods orders last month added to that concern, putting a lid on equity gains.

"The flow of news doesn't fully justify the optimism that investors want to bring to the market," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, Ohio.

"In this environment, it is hard to justify paying this kind of premium for stocks, and it is hard to see the catalyst for strong growth."

The Dow Jones industrial average fell 43.16 points or 0.29 percent, to end at 14,676.30. But the S&P 500 eked out a gain of a mere 0.01 of a point or 0 percent to finish at 1,578.79. And the Nasdaq Composite added just 0.32 of a point or 0.01 percent to close at 3,269.65. About 6.3 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, slightly below the daily average so far this year of about 6.4 billion shares. On the NYSE, advancers outnumbered decliners by a ratio of about 2 to 1, while on the Nasdaq, nearly 14 stocks rose for about every 11 that fell.

But the S&P 500 eked out a gain of a mere 0.01 of a point or 0 percent to finish at 1,578.79.

And the Nasdaq Composite added just 0.32 of a point or 0.01 percent to close at 3,269.65.

About 6.3 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, slightly below the daily average so far this year of about 6.4 billion shares.

The market's mixed day followed gains earlier this week. The S&P 500 is still up 10.7 percent for the year despite a fairly weak month so far. - Reuters

Tags / Keywords: News, Business

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