U.S. markets closed mixed as rally fizzles
Traders work on the floor of the New York Stock Exchange on Tuesday. Extending gains for a third day, the Dow rose about 0.4%, the S&P 500 index rose 0.5%, while The Nasdaq gained nearly 0.9%. (Aug. 7, 2012) Credit: Getty Images
A stock market rally lost steam Wednesday after mixed earnings from U.S. companies added to fears about Europe's economic slowdown.
Several big consumer goods companies warned that weak demand in Europe was cutting into revenue. That followed worrisome economic news from England, France and Germany, where growth had offset recessions in other European countries like Italy and Greece.
At the close on Wall Street, the Dow Jones industrial average managed to recoup earlier losses, finishing up 7.04 points at 13,175.64. The Standard & Poor's 500 index also inched up to a slim gain, closing up 0.06 percent at 1,402.22. The Nasdaq composite index ended the day shedding 0.15 percent to 3,011.25.
The Dow had risen 290 points over the previous three trading days. On Tuesday the S&P 500 passed 1,400 and the Nasdaq composite closed above 3,000, both for the first time since early May.
As stocks traded tentatively, the dollar rose against the euro, a sign that investors are uneasy.
Quincy Krosby, a market strategist with Prudential Financial, said the market is being held back, in part, by reports from consumer-goods companies that weak sales in Europe are hurting revenue.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
