Market Watch, Wall Street Variation
- Stocks on Wall Street ended almost flat on Wednesday (06/16/2010) local time (Thursday morning GMT), amid U.S. economic data are varied, new fears of European debt and BP agreement to memeberikan 20 billion U.S. dollar fund for victims of the Gulf of Mexico oil disaster.
Dow Jones Industrial Average rose 4.60 points (0.05 percent) to 10409.46, trimming earlier losses. The Nasdaq technology index rose a thin 0.05 points (0.00 percent) to 2305.93, while the S & P 500 index, a broader measure of Pasa, slightly down 0.62 points (0.06 percent) to 1114.61.
The atmosphere on Wall Street “be careful” because investors digesting “the weaker economic data and fears of new debt in European countries,” Briefing.com analysts said in a note to clients.
Monthly data of the construction of new housing units (housing starts) and the U.S. building permits fell in May, after the expiration of termination of federal taxes, the Ministry of Commerce said in a report worse than expected for the housing sector.
The number of new housing construction projects dropped 10 percent to 593 000, its lowest level this year, and permits fell 5.9 percent to as low as one year at 574 000.
Federal Reserve (Fed) ebih reported stronger than expected U.S. industrial production data for May, while the Labor Department said producer prices fell in May for the second month in a row, directly reduce inflation worries.
Also received positive market sentiment, after BP agreed to pay 20 billion dollars into the fund (fund) to meet the growing oil spill claims for U.S. President Barack Obama obtained a major concession from the company boss in talks at high risk.
Dow and Nasdaq “rebounding” (turned up) on the announcement, and appeared “to ease investor uncertainty,” said Wells Fargo chief market strategy Advisors, Al Goldman.
BP shares listed in New York ended 1.43 percent higher at 31.85 dollars.
Chairman Carl-Henric Svanberg BP said the company would stop shareholder dividends for the rest of the year because the battle to save his reputation after a major oil pollution.
BP also will sell assets worth 10 billion U.S. dollar this year amid rising costs to cope with oil spills, a company official said.
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