Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

02/13/2013 | 06:56am US/Eastern

--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 matthew.jarzemsky@dowjones.com and to Chris Dieterich at christopher.dieterich@dowjones.com

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

React to this article
Latest news
Date Title
04:31a RESTAURANT BRANDS : Sales up at Burger King, Tim Hortons
04:31a ARCOS DORADOS : McDonald's Latin America adds Minions to menu
04:31a BOJANGLES' : expands footprint in Kentucky, West Virginia
04:31a STANDARD CHARTERED : Slashes Dividend After Impairments Hit Profit
04:31a NETFLIX : Staff Given Year's Paid Parental Leave
04:31a MITON WORLDWIDE GROWTH INVESTMENT : Notice of EGM
04:31a VISA : Opens Technology Center in Bangalore; Accelerates Digital Commerce Globally
04:31a MITON WORLDWIDE GROWTH INVESTMENT : Annual Financial Report
04:31a ELECTRONIC ARTS : Carve Your Own Path Through Need for Speed on Your Journey to Become the Ultimate Icon
04:30a Standard Chartered halves dividend, new CEO says could raise capital
Latest news
Advertisement
Hot News 
SNOWWORLD : expects a higher operating result
TRINET : INVESTOR ALERT: Investigation of TriNet Group Inc. Announced by The Law Offices of Howard G. Smith
FAGRON : issues new shares
AMG : Advanced Metallurgical Group N.V. Announces Change in Dividend Policy
FNB Corporation acquires Harrisburg-based Metro Bank in mega deal
Most Read News
08/04 DAIRY AUSTRALIA : DairyBase gets thumbs up from farmer
08/04 CORIMON CA : MINUTES OF THE ANNUAL GENERAL SHARHOLDERS’ MEETING OF CORIMON, C.A. (July 31th, 2015)
08/04 COURSERA : Launches Global Skills Initiative to Link Up BNY Mellon, Cisco, Microsoft, Qualcomm, Splunk, and UBS with Top Universities to Create Online Courses in High Demand Fields
08/04 LA SHERIFF'S DEPARTMENT PAYS $5M TO SETTLE ACCIDENTAL SHOOTING DEATH, BUT REFUSES TO RELEASE COURT-ORDERED CORRECTIVE ACTION PLAN : Osborn Machler
08/04 Zoloto Resources Begins Operations
Most recommended articles
04:30a Standard Chartered halves dividend, new CEO says could raise capital
04:29a Greek bank shares plunge for third day, stock market down 1.3 percent
04:25aDJEuropean Stocks Track Asia's Gains
04:25aDJItaly June Industrial Output Falls More Than Expected
04:18a IMF to visit Ukraine in Sept to discuss third loan tranche - central banker