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Overnight Markets: Wall Street edges up ahead of economic data
by Himanshu Singh on Nov 05, 2013 at 05:21
Wall Street gained modestly on Monday in a lacklustre trading, after the Standard & Poor’s 500 Index climbed for four straight weeks, as investors were reluctant to make big bets ahead of data on employment and economic growth.
The Dow Jones industrial average was up 24 points, or 0.15%, at 15,639. The Standard & Poor's 500 Index was up six points, or 0.36%, at 1,768. The Nasdaq Composite Index was up 15 points, or 0.37%, at 3,937.
The day's low-volume was mainly due to the Dow and S&P 500 indexes' four consecutive week of gains. Investors were also awaiting the all-important non-farm payrolls report due on Friday for further clues on when the Federal Reserve may begin to start tapering its stimulus.
In another economic data, gross domestic product grew at a 2% annualised rate after a 2.5% pace from April through June, according to the median forecast of 69 economists surveyed by Bloomberg before Commerce Department figures due Thursday.
In company news, US-listed shares of BlackBerry (BBRY.O) ended down 16.4% after hitting a 52-week low of $6.40. The smartphone maker said it was abandoning a plan to sell itself.
Twitter (TWTR.N) IPO-TWTR.N, meanwhile, raised the upper end of the projected price range for its initial public offering later in the week.
In earnings news, Kellogg Co (K.N) advanced 0.7% after the cereal maker reported a 3% rise in quarterly profit, and said it would slash 7% of its workforce by 2017.
Exxon Mobil Corp. and U.S. Steel Corp. led a commodity rally. Exxon Mobil, the world’s largest energy company, increased 2.5%, while U.S. Steel and AK Steel Holding Corp. gained more than 4.4% on an industry upgrade by Goldman Sachs Group Inc.
Vulcan Materials Co. rallied 7.7% after the producer of construction aggregates reported third-quarter sales of $813.6 million, beating the average analyst estimate. Alcoa Inc. jumped 7% for the second-biggest increase in the S&P 500.
In Asia, shares swung between gains and losses on Tuesday in afternoon session as Chinese shares dropped ahead of meeting of China’s top party officials this weekend.
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