Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

U.S. Stocks End Mixed; McDonald's Weighs on DJIA

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/13/2013 | 12:56pm CEST

--Stocks end mixed; DJIA slips, S&P 500 notches slim gain

--McDonald's leads DJIA lower; GE posts firm gain

--Retail-sales reading meets expectations

NEW YORK--McDonald's declines led the Dow Jones Industrial Average lower, while strength in the industrial giants like General Electric helped the Standard & Poor's 500-stock index eke out a fresh multiyear high.

The Dow fell 35.79 points, or 0.3%, to 13982.91, while the S&P 500 rose 0.90 point, or less than 0.1%, to 1520.33. The Nasdaq Composite Index gained 10.38 points, or 0.3%, to 3196.88.

General Electric was the best-performing Dow stock, rising 81 cents, or 3.6%, to $23.39, after agreeing to sell Comcast the remaining 49% of NBCUniversal the cable operator doesn't already own for $16.7 billion. Comcast climbed 1.16, or 3%, to 40.13.

The Dow was hurt by pullbacks in stocks like McDonald's, which declined 1.10, or 1.2%, to 94.00, and Boeing, a stock that dropped 72 cents, or 1%, 74.78. Analysts said that McDonald's and other fast-food stocks were pressured by comments from President Barack Obama in Tuesday's State of the Union speech that called for an increase in the federal minimum wage. Burger King Worldwide slumped 8 cents, or 0.5%, to 16.31 and Wendy's declined 3 cents, or 0.6%, to 5.25.

By far the worst-performing stock on the S&P 500 was Cliffs Natural Resources, which plunged 7.32, or 20%, to 29.29, after the iron-ore miner unveiled plans to sell shares and cut its quarterly dividend.

A strong start for stocks this year has driven the Dow up 6.7% so far this year. It remains within striking distance of an all-time high.

"We're reaching a little bit of a stalemate between bulls and bears at this point," said John Manley, chief equity strategist at Wells Fargo's funds unit, which manages about $200 billion. "The bears are saying we're just rising on hot air. Some of the bulls are saying the market has gone up so much, I'll wait until it goes down so I have a better chance to buy it."

On the economic front, U.S. retail sales edged up in January, the Commerce Department reported, in line with economists' estimates. The reading was closely watched as it was the first since payroll-tax increases kicked in, trimming most Americans' paychecks.

"U.S. retail sales were better than many had feared," said Joseph Tanious, global market strategist at J.P. Morgan Funds. "There was some nervousness that the fallout of the payroll taxes would show up in retail sales, so today's data is encouraging."

In Europe, the Stoxx Europe 600 erased losses to rise 0.4%, after euro-zone industrial production rose more than expected in December. Still, the overall decline for the fourth quarter was at the steepest quarterly rate in more than three years. The U.K.'s FTSE 100 advanced 0.3% to finish at its highest level since May 2008.

In Asia, Japanese stocks fell as overnight strength in the yen, since evaporated, hurt exporter shares. Japan's Nikkei Stock Average shed 1%. Australia's S&P/ASX 200 gained 0.9% to its highest level since September 2008. Markets in Hong Kong and Shanghai remained closed for the Lunar New Year holiday.

The dollar rose against the yen but slipped versus the euro. Crude-oil prices declined 0.5%, to settle at $97.01 a barrel, while gold fell 0.3%, to settle at $1,644.20 a troy ounce. The 10-year Treasury note fell in price to yield 2.017%.

In other corporate news, Best Buy slumped 31 cents, or 2%, to 15.12, after The Wall Street Journal, citing a person familiar with the matter, reported that the electronics retailer's founder and largest shareholder, Richard Schulze, is reconsidering a plan to take the company private.

Dean Foods, stumbled 1.69, or 9.2%, 16.70, after the largest U.S. milk processor by sales issued a profit forecast that trailed analysts' predictions.

Cigarette maker Lorillard jumped 1.96, or 4.9%, to 41.68 after the company raised its quarterly dividend and reported results that topped analysts' estimates.

Data-center operator Rackspace Hosting plummeted 14.68, or 20%, to 60.30 on a smaller-than-expected increase in sales.

Trulia, the real-estate listings website that went public in September, leapt 5.21, or 22%, to 29.00 after reporting a bigger-than-expected increase in quarterly revenue.

Write to [email protected] and to Chris Dieterich at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
07:35a COMPUTER PROGRAMS & :
07:34a AFCON 2019 : China based Eagles dropped again
07:34a MANCHESTER UNITED : honours Nigerian fans killed in Calabar tomorrow
07:31a GALAPAGOS : presents pre-clinical data with selective ADAMTS-5 inhibitor GLPG1972 for osteoarthritis at OARSI
07:30a ECLAC ECONOMIC COMMISSION FOR LATIN AMERICA AND : Countries of Latin America and the Caribbean Reaffirmed their Collective Commitment to the 2030 Agenda for Sustainable Development as Forum Concluded in Mexico
07:29a Pakistani Minister and Prime Minister have different versions on job creation by CPEC
07:28a AXAMANSARD INSURANCE : AXA Mansard partners Terra Kulture on launch of Terra Kulture Arena
07:28a MANCHESTER UNITED : Man U to honour Nigerian fans
07:25a CAMECO CORP (NYSE : CCJ) reported earnings of ($0.05) per share meeting Walls Streets expectations.
07:20a NPS NATIONAL PARK SERVICE : Pavement Improvement Planned for Park Roads
Latest news
Advertisement
Hot News 
5.97%REGENERON PHARMACEUTICALS : Sanofi beats profit forecasts, upbeat on prospects for eczema drug
3.71%Google parent Alphabet's profit up 29 percent on strong ad sales
-3.79%SCHWEIZERISCHE NATIONALBANK : Swiss central bank shareholders lose battle over dividend hike
-3.42%INTEL : revenue misses estimates as data centre growth slows
-4.06%Baidu's Finance Chief to Lead Investment Firm Baidu Capital -- Update
Most Read News
04/28 Amazon's moves beyond retail get Wall Street thumbs up, for now
04/28 NRTH ST TELE'A' : Important issues on natural resources beat
04/28 PEAK POSITIONING TECHNOLOGIES : Files 2016 Year End Results and Operating Highlights
04/28 CHIPOTLE INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL : Kahn Swick & Foti, LLC Investigates the Officers and Directors of Chipotle Mexican Grill, Inc. - CMG
04/28 Apple, Tesla ask California to change proposed self-driving car test policy
Most recommended articles
04/27 JPMorgan Chase & Co leaves blockchain consortium R3
04/28 Amazon's moves beyond retail get Wall Street thumbs up, for now
04/28DJLAURENCE FINK : BlackRock's Fink Voices Concerns With Trump Tax Plan -- 2nd Update
04/28 BOEING : wins $541 million defence contract - Pentagon
04/28 LOCKHEED MARTIN : wins $1.38 billion F-35 jet contract - Pentagon