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