US stocks trim losses in late-hour tradingMay 18th, 2011 - 7:44 am ICT by IANS
New York, May 18 (IANS) Wall Street trimmed most of the early losses in late-hour trading and ended mixed Tuesday, after weak economic data and tepid outlook from big-name tech companies weighed on the market, Xinhua reported.
Hewlett Packard plunged nearly eight percent to lead the Dow’s decliners, after the biggest personal computer maker cut its full-year outlook on weak consumer demand.
Adding to the pressure, the latest government data showed that builders started construction on fewer new homes in April, while permits also fell, suggesting the housing market was still far from turning around.
What’s more, the Federal Reserve said industrial production was flat in April due in part to the Japanese earthquake.
The Dow Jones industrial average dropped 68.79 points, or 0.55 percent, to 12,479.58.
The Standard & Poor’s 500 was down 0.49 points, or 0.04 percent, to 1,328.98. The Nasdaq Composite Index added 0.90 points, or 0.03 percent, to 2,783.21.
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Tags: decliners, dow jones, dow jones industrial, dow jones industrial average, economic data, federal reserve, government data, hewlett packard, housing market, japanese earthquake, losses, nasdaq composite index, new homes, personal computer maker, s 500, stocks, wall street, xinhua