Dow, S&P rise, techs off in choppy trading

Puntúa la noticia :

Nota de los usuarios: - (0votos)

• Bolsa, mercados y cotizaciones
• Empresas y finanzas

Share

Tweet

elEconomista.es en Twitter

Follow @eleconomistaes

EcoTablet - ¡Gratis en App Store!

La plataforma más completa de información y servicios económicos para iPad.

• Suscribirse al boletín
• Imprimir
• Enviar
• Aumentar texto
• Reducir texto
• Haga doble click sobre una palabra para ver su signifcado
• Sudoku: Juega cada día a uno nuevo
• El tiempo: Consulta la previsión para tu ciudad

By Charles Mikolajczak

NEW YORK (Reuters) - The Dow and S&P edged higher in choppy trading on Friday as financials gained on signs that liquidity measures were beginning to work, but retailers fell at the start of the holiday shopping season in a weak economy.

Technology and energy stocks fell on demand concerns.

Traders said financials were gaining strength after the U.S. Federal Reserve outlined an $800 billion lending facility to support the market for consumer debt securities.

"There's been an underlying bid in financials for the past days," said Robert Francello, head of equity trading for Apex Capital in San Francisco.

"I think investors are seeing early signs of thawing in the credit markets after the Fed announcement earlier this week."

Chevron fell 1.8 percent to $78.47 after oil dipped below $52 a barrel oil lower as OPEC ministers convened to deliberate further supply cuts to curb global falling demand. For details, see [nSP342706]. Exxon Mobil fell 1.3 percent to $79.81.

Technology shares slid after fresh signs of a downturn in global chip demand emerged as STMicroelectronics lowered its fourth-quarter forecast. The warning comes on the heels of news earlier in the week that Cisco was shutting plants in the U.S. and Canada. The semiconductor index <.SOXX> tumbled 2.2 percent.

The U.S. stock market was closed Thursday for the Thanksgiving holiday.

"Black Friday" kicks off the holiday shopping season where retailers vie for consumer dollars through numerous promotions. But retailers worry that the current economic climate and increasing job losses may curtail what is the largest shopping period of the year, which can bring in 40 percent of sales.

The holiday weekend will test the strength of consumer sentiment, a main driver of the U.S. economy, as the country faces its worst financial crisis since the Great Depression.

Shares of Citigroup jumped 18.5 percent to $8.37.

The Dow Jones industrial average <.DJI> rose 68.82 points, or 0.79 percent, to 8,795.43. The Standard & Poor's 500 Index <.SPX> was 4.44 points higher, or 0.50 percent, to 892.12. The Nasdaq Composite Index <.IXIC> slid 7.15 points, or 0.47 percent, at 1,524.95.

Shares of Wal-Mart , the world's largest retailer, fell 1.7 percent to $55.74. The S&P's retail index <.RLX> slumped 1.9 percent.

Dow component Alcoa Inc's shares fell after a company executive said the aluminum producer is not actively seeking to increase its stake in miner Rio Tinto Ltd despite plans by its ally, Chinalco, to up its Rio holding. (Additional reporting by Kristina Cooke; Editing by Kenneth Barry)

PUBLICIDAD

- Recibe nuestros análisis Diarios sobre Divisas, Acciones y Opciones. ¡Apúntate ya! ¡Es GRATIS!

- Opere en más de 8.000 CFDs. Infórmese y obtenga su CFD Trading Guide

- Nuevos spreads en materias primas: Oro tan sólo 0,3 puntos, Plata 0,25, Petróleo 0,35

- Opera desde 2,95 € en tiempo real con Self Bank.