NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks pare early gains to end mixed Posted: 05 Oct 2012 04:36 PM PDT NEW YORK: US stocks closed mixed in late trade Friday, giving up early gains on the back of strong September data on unemployment and later figures showing a pick-up in consumer credit-based spending. Early on, the Dow and the S&P indices hit five-year highs before giving up gains in the last hour of trade. At the closing bell, the blue-chip Dow Jones Industrial Average was up 34.79 points (0.26 percent) at 13,610.15. The broad-based S&P 500 slipped 0.47 points (0.03 percent) at 1,460.93, while the tech-rich Nasdaq Composite lost 13.27 points (0.42 percent) to 3,136.19. The data from its establishment survey was less buoyant, showing a modest 114,000 net new jobs produced, but previous months were revised higher, underpinning the better showing in the September data. "While the media may be concentrating on the fact that payroll levels deteriorated in September, the underlying trends in the data were extremely positive," said Briefing.com. Stocks pushed 0.8 percent higher in early trade before giving up their gains in the afternoon. "We erased the bulk of the day's rise at the end of the session because there was no longer anyone in the market, as often happens these days on Friday afternoon," said Gregori Volokhine of Meeschaert France. Bank of America led NYSE trade with a 1.0 percent loss, while on the Nasdaq Apple shares fell 2.1 percent. Shares of game maker Zynga sank 11.9 percent after it reduced forecasts for the year on lower demand. Sprint Nextel jumped 2.2 percent on reports it might respond to T-Mobile's move to take over Metro PCS with a counter-bid. MetroPCS lost 0.3 percent. Chipotle Mexican Grill continued to sink in the wake of hedge fund manager David Einhorn's recommendation Tuesday to short the stock, saying it was vulnerable to agile competition. Chipotle shares lost 4.5 percent, taking the week's loss to 11.5 percent. -- AFP |
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