US stocks mixed on Greece, US worries

Written By Unknown on Selasa, 13 November 2012 | 23.59

US stocks have been mixed in early Tuesday trade amid worries about Greece's debt crisis and a US "fiscal cliff" of spending cuts and tax hikes at year-end which threaten to drag the economy into recession.

After opening lower, the Dow Jones Industrial Average was up 19.43 points (0.15 per cent) at 12,834.51 by 1545 GMT.

The broad-market S&P 500 edged down 0.93 point (0.07 per cent) to 1,380.96, while the tech-rich Nasdaq Composite fell 12.84 (0.44 per cent) to 2,891.41.

"The fiscal cliff concern hasn't gone away... (and) the concerns about Greece are still present," Patrick O'Hare at Briefing.com said in a client note.

"The only clear thing right now is that there is a lot of uncertainty and that there isn't a headline today so far that is the equivalent of a game-changer."

Dow member Home Depot was the strongest gainer on the blue-chip index, jumping 4.0 per cent, after the home-improvement retail giant reported earnings that beat Wall Street estimates and raised its full-year guidance.

"Our third-quarter results were better than we expected and reflected, in part, what we believe is the start of the path toward the healing of the housing market," said Frank Blake, chairman and chief executive.

Microsoft was the steepest Dow loser, down 3.4 per cent. The software maker announced the departure of Steven Sinofsky, head of its Windows unit.

In the luxury sector, Michael Kors Holdings rose 2.5 per cent after posting better-than-expected earnings for the second quarter, while department store chain Saks fell 3.4 per cent on disappointing results.

Printer and copier maker Xerox rose 1.7 per cent after lowering its profit forecast for the fourth quarter.

Apple was up a scant 0.1 per cent at $543.12, after losing more than $150 since late September.

The bond market, which was closed on Monday for a federal holiday, rallied.

The 10-year US Treasury yield fell to 1.59 per cent from 1.61 per cent late on Friday, and the 30-year dropped to 2.72 per cent from 2.75 per cent. Bond prices and yields move inversely.


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