Wall Street slips in low volume trade; data mixed

Wall Street slips in low volume trade; data mixed
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First Published: Wed, Dec 30 2009. 09 46 AM IST
Updated: Wed, Dec 30 2009. 09 46 AM IST
New York: US stocks edged lower in a low-volume session on Tuesday, breaking a six-day string of gains as investors found little reason to push stocks higher as the year’s end approached.
Data showing a rise in consumer confidence was offset by a housing report pointing to more bumps in the road.
The day’s decline followed six days of gains. But the benchmark Standard & Poor’s 500 index is still up 25% for the year.
Trading volume was the lowest for the year, according to Birinyi Associates, with many participants out before the New Year’s holiday on Friday. At the close, only 638 million shares had changed hands, compared with last year’s estimated daily average of 1.49 billion on the New York Stock Exchange.
On the data front, the Conference Board’s index of consumer confidence rose more than expected in December to a reading of 52.9, a three-month high. In contrast, the S&P/Case-Shiller composite index of home prices in 20 metropolitan areas, meanwhile, was unchanged in October, falling short of expectations.
“I don’t think anyone is expecting a major climb here out of this recession,” said Owen Fitzpatrick, head of the US equity group at Deutsche Bank Private Wealth Management in New York.
The housing news drove the Dow Jones US Home Construction Index down 0.3%.
The Dow Jones industrial average dipped 1.67 points, or 0.02%, to end at 10,545.41. The Standard & Poor’s 500 Index slipped 1.58 points, or 0.14%, to finish at 1,126.20. The Nasdaq Composite Index declined 2.68 points, or 0.12%, to close at 2,288.40.
On the plus side, shares of consumer products giant Procter & Gamble Co, which makes Tide detergent and Crest toothpaste, rose 0.5% to $61.58 on the New York Stock Exchange.
Weighing on the Nasdaq was iPod and iPhone maker Apple Inc, which slid 1.2% to $209.10 after hitting recent highs. The stock was pressured as Nokia Corp said it has filed a complaint against Apple with the International Trade Commission in a patent dispute.
In corporate news, United Community Banks Inc fell 5% to $3.24 after the company temporarily suspended its stock dividend in a move to improve liquidity.
On Friday, US financial markets will be closed for the New Year’s Day holiday.
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First Published: Wed, Dec 30 2009. 09 46 AM IST
More Topics: Markets | US | Wall Street | Dow Jones | Nasdaq |