Wall Street flat, housing data falls short

Date:

European sharess(Reuters) – U.S. stocks were little changed on Monday after the S&P 500 index ended its best two-week advance in five months and housing data was weaker-than-forecast.

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The benchmark S&P 500 .SPX had risen 3.7 percent over the prior two weeks, the index’s best fortnight since July. The gains came after mounting signs the economy was gaining steam, leading the Federal Reserve to announce it will scale back its stimulus.

Trading continued light during the holiday season. Markets will be closed on Wednesday for New Year’s.

The S&P has soared 29 percent this year and is on pace for its best year since 1997, powered largely by the central bank’s stimulus measures. The Dow .DJI has jumped 25.8 percent and the Nasdaq .IXIC 37.7 percent this year.

“It’s been quite a year and we just keep hearing people are rebalancing; all of these institutional investors that had allocations in equities that are overweight,” said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

The National Association of Realtors said its pending home sales index, based on contracts signed last month, rose by 0.2 percent last month, below expectations of a 1 percent rise.

The Dow Jones industrial average .DJI rose 8.01 points or 0.05 percent, to 16,486.42, the S&P 500 .SPX lost 1.49 points or 0.08 percent, to 1,839.91 and the Nasdaq Composite .IXIC dropped 8.273 points or 0.2 percent, to 4,148.321.

The thin trading volume could make for greater volatility. “I suspect there are a lot of people out today, so we have those thin trading desks,” said Sampson.

Walt Disney Co (DIS.N) gained 2.6 percent to $76.31 as the best performer on both the Dow and S&P 500 after Guggenheim raised its rating on the media conglomerate to “buy” from “neutral and raised its target price to $87.

Cooper Tire & Rubber (CTB.N) dropped 3.4 percent to $22.19 after the company said it was not going ahead with a $2.5 billion merger with India’s Apollo Tyres Ltd (APLO.NS).

Shares of Crocs Inc (CROX.O) surged 14.5 percent to $15.26 following news that private equity firm Blackstone Group LP (BX.N) was investing $200 million for a 13 percent stake in the shoemaker.

Trina Solar (TSL.N) climbed 7.7 percent to $14.16 after the company signed an agreement to develop a solar power plant in China.

(Editing by Bernadette Baum and Kenneth Barry)

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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