US

The Star Early Edition - - MARKETS -

STOCKS fluc­tu­ated yes­ter­day, after bench­mark in­dexes closed at all-time highs, as data show­ing the econ­omy ex­panded more than pre­vi­ously fore­cast in the third quar­ter was off­set by a drop in con­sumer con­fi­dence.

The Stan­dard & Poor’s (S&P) 500 in­dex lost 0.1 per­cent to 2 067.49 at 11.37am in New York. The Rus­sell 2000 in­dex of smaller com­pa­nies dropped 0.2 per­cent. The Dow Jones in­dus­trial av­er­age rose less than 0.1 per­cent to 17 818.80. The Nas­daq 100 in­dex gained 0.2 per­cent as Ap­ple’s mar­ket cap­i­tal­i­sa­tion topped $700 bil­lion (R7.7 tril­lion). Trad­ing in S&P 500 com­pa­nies was 18 per­cent be­low the 30-day av­er­age for this time of the day.

“Some of the eco­nomic num­bers like gross do­mes­tic prod­uct looked good, but I don’t know how sus­tain­able they are,” Stephen Carl, the prin­ci­pal and head eq­uity trader at Wil­liams Cap­i­tal Group, said.

“We need more gains and more ac­tiv­ity to sus­tain that. Con­sumer con­fi­dence was off mod­estly, and that may be a bit of a cat­a­lyst to the down­side.” – Bloomberg

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