Wall Street flat as investors weigh US data, EuropeJanuary 5th, 2012 - 3:26 pm ICT by IANS
New York, Jan 5 (IANS) US stocks ended flat Wednesday after major indexes rallied on the first trading day of the New Year, as the market was still teetering between European concerns and better US economic data, reports Xinhua.
The Dow Jones industrial average added 21.04 points, or 0.17 percent, to 12,418.42. The Standard & Poor’s 500 inched up 0.24 points, or 0.02 percent, to 1,277.30. The Nasdaq Composite Index slipped 0.36 points, or 0.01 percent, to 2,648.36.
Stocks Wednesday sank initially on dismal credit outlook in the first quarter of the year in Europe. Data showed Wednesday commercial banks’ overnight deposits at the European Central Bank hit a record high of 453 billion euros (about $585 billion), underscoring the ongoing fear banks have about lending to each other amid the current debt crisis.
Losses were pared later in the day after the Commerce Department said that US factory orders rose for the first time in three months in November on greater demand for aircraft and other goods.
Meanwhile, US auto makers reported solid sales in December, also helped limit the losses.
US economic data will continue to be the focus in the rest of this week as the government scheduled to release its highly-anticipated monthly payroll report, which always set the tone for the market in a week or two.
On corporate news front, Eastman Kodak plunged nearly 30 percent to trade at about 18 cents after a report showed that the company was preparing for bankruptcy filing.
In other markets, the US dollar rose against major currencies in late New York trading Wednesday as the news that Spain may seek international aid raised new concerns about the European debt crisis.
Oil prices continued to rise Wednesday after a strong rally. Light, sweet crude for February delivery rose $0.26, or 0.3 percent to settle at $103.22 a barrel on the New York Mercantile Exchange.
In London, Brent crude for February delivery also rose and last traded around $113.28 a barrel, up 1 percent.
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