NST Online Business Times : latest
NST Online Business Times : latest |
| Posted: 07 Dec 2012 06:22 PM PST NEW YORK: A surprise slide in the US unemployment rate to 7.7 per cent for November gave markets an initial boost Friday, but stocks ended the session mixed. The Dow Jones Industrial Average rose 81.09 points (0.62 per cent) to 13,155.13 in closing trade. The S&P 500 gained 4.13 points (0.29 per cent) to 1,418.07, while the Nasdaq Composite lost 11.23 points (0.38 per cent) at 2,978.04. "Stocks ended the week mixed, with traders struggling to find direction amid a better-than-expected jobs report and a disappointing drop in consumer confidence, as well as a lack of progress on resolution to the fiscal cliff," said Charles Schwab & Co. analysts.
Meanwhile, the University of Michigan consumer sentiment index declined to 74.5 from November's 82.7, which had been the best level in five years. Also weighing on market sentiment was a continued impasse on the so-called fiscal cliff, with top Republican congressman John Boehner saying there was "no progress" in talks about looming tax hikes and spending cuts due in January. In the absence of a deal, the measures were expected to push the country into recession. Stocks in focus included bailed-out insurance group AIG, which announced Friday it was in discussions to sell a majority stake in International Lease Finance Corporation (ILFC) -- one of the world's top aviation leasing firms -- to a consortium of Chinese companies. Government-controlled AIG gained 2.6 per cent. Dow member Bank of America was among the most actively traded stocks, rising 1.7 per cent. JPMorgan Chase rose 2.6 per cent. Shares of Copper miner Freeport-McMoRan, which lost some 20 per cent in two days as investors frowned on its deal to buy two related companies at generous prices in deals worth US$9 billion, gained 2.9 per cent. In the technology sector, Apple shares, which have been volatile all week, lost 2.6 per cent. Online video giant Netflix dropped 0.2 per cent, a day after announcing it faces a possible penalty from US regulators for comments made by its top executive on his Facebook account about subscriber activity. -- AFP |
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