Mixed economic data leave US stocks flat
New York (AFP) - Wall Street stocks Tuesday finished little changed following data showing unexpectedly strong US economic growth in the third quarter but a drop in consumer confidence in November.
The Dow Jones Industrial Average slipped 2.96 points (0.02 percent) to 17,814.94. The blue-chip index inched up to a new record at the closing bell, but closed in the red afterward.
The broad-based S&P 500 retreated slightly from Monday's record, dropping 2.38 (0.12 percent) to 2,067.03, while the tech-rich Nasdaq Composite Index added 3.36 (0.07 percent) at 4,758.25.
The Commerce Department raised its estimate for third-quarter US economic growth to 3.9 percent from 3.5 percent. Analysts had projected a downward revision to the initial estimate.
The Conference Board said its consumer confidence index fell to 88.7 from 94.1 in October. US home prices rose 4.9 percent in September from a year ago as price gains continued to slow.
Petroleum stocks suffered as US crude prices sank 2.2 percent on expectations members of the Organization of the Petroleum Exporting Countries will not agree to cut output Thursday.
Dow member Chevron fell 1.2 percent, while independent producer Continental Resources dropped 2.9 percent and oil services giant Schlumberger lost 3.3 percent.
Apple, the biggest US company by market capitalization, briefly attained a record market value above $700 billion before retreating. Shares finished 0.9 percent lower.
Jeweler Tiffany gained 2.5 percent as comparable-store sales in the third quarter rose four percent. The company confirmed its forecast for full-year profits of $4.20-$4.30 per share. Analysts project $4.34 per share.
Workday, which provides cloud-based software to enterprises, dropped 5.5 percent after reporting that its third-quarter loss deepened to $59.9 million from $47.5 million a year ago on higher costs.
Cybersecurity company Palo Alto Networks jumped 6.1 percent as it projected sales in the upcoming quarter of $200-$204 million, above the $198.1 million forecast by Wall Street analysts.
Bond prices rose. The yield on the 10-year US Treasury dropped to 2.26 percent from 2.31 percent Monday, while the 30-year declined to 2.97 percent from 3.02 percent. Bond prices and yields move inversely.
