Stocks finish lower after indecisive session
By Hao Li | June 29, 2010 11:08 AM EST
The stock market finished slightly lower after an indecisive session as investors digested an underwhelming G20 summit and mildly positive U.S. data.
The S&P 500 Index lost 2.19 points, or 0.20 percent, to end at 1,074.57. The Dow Jones Industrial Average fell 5.29 points, 0.05 percent, to close at 10,138.52. The Nasdaq Composite lost 0.13 percent.
The Dow crossed last Friday's closing level 9 times, which illustrates the indecisiveness of the market. The Dow traded positive late in the afternoon but a sell-off in the last 10 minutes of trading took it to negative territory.
Utilities and consumers staples were among the positive sectors as the Southern Company (NYSE:SO), a electric utilities company with operations in southern U.S., rose 1.59 percent and Procter & Gamble (NYSE:PG) gained 1.39 percent.
Commodity companies fell the most, with the Dow Jones U.S. Oil & Gas Index dropping 1.23 percent and the Dow Jones U.S. Basic Materials Index declining 1.35 percent.
The outcome of the G20 summit in Canada was subdued. An agreement was reached to cut budget deficits in half by 2013. However, the language of the non-binding G20 declaration was lenient and acknowledges that each country is different and thus may implement the cuts at their own speeds. Little progress was made on the global regulation of the financial industry.
The Bureau of Economic Analysis reported that U.S. consumer spending rose 0.2 percent in May, which is the 7th increase in the last 8 months. Economists surveyed by Bloomberg expected a 0.1 percent increase. The same report also showed a 0.4 percent increase in personal incomes.
The market – which had been recently weighed down by disappointing economic data – will take cues from key upcoming U.S. jobs reports later this week, including Friday's non-farm payrolls report.
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