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.
To contact the editor, e-mail:
Join the Conversation
- While Asian Property Markets Are Cooling, 92% Of Philippine Real Estate Agents & Brokers Are Positive About Next 12 Months
- Australian Stock Market Report – Afternoon November 27, 2014
- Australian Stock Market Report – Morning November 28, 2014
- Australian Stock Market Report – Afternoon November 28, 2014
- Australian Stock Market Report – Midday November 28, 2014
- 5 Proofs Russia is Geared-Up for Shooting War with U.S. and Can Win Future Nuclear Showdown
- Target’s ‘Surprise Doorbusters’ Black Friday 2014 Deals On TV Sets, Entertainment Centres, DVD Players And More
- IKEA Black Friday 2014 Ad Includes Discounts On Home Furnishings, Appliances, Kitchen Designs, Beds, Sofas, Mattresses And Toys
- T-Mobile’s Black Friday 2014 Deals On Apple iPhone 6, Samsung Galaxy Note 4/Edge, Nexus 6, HTC One M8, LG G3, iPad Air 2 And Mini 3
- ISIS Drug Transit From Afghanistan To Europe Confirmed By Russia: Money Goes Into Terror Funding And In New Recruitments
- Bill Clinton At It Again, Caught By Camera In Jerusalem Peeking At Woman’s Breast
- Walmart Canada Black Friday 2014 Ad For Nov. 28, 2014 Up To Dec. 1, 2014 Includes Savings On The iPad Mini 16GB And The Beats Solo HD Drenched Headphones