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U.S. stocks mixed amid positive U.S. data, weak EU data

08-15-2012 06:22 BJT

NEW YORK, Aug. 14 (Xinhua) -- U.S. stocks closed mixed on Tuesday amid stronger-than-expectation economic data from the U.S. and weakness signs from euro zone.

The U.S. Commerce Department posted on Tuesday that retail sales rose 0.8 percent in July. The increase was after three months of declines.

As for recent U.S. economic data, employers added 163,000 jobs in July, the best for months. Home prices also increased. The U.S. exports hit a record high for June. And the U.S. consumer confidence was also improving.

However, investors were still concerned about the euro zone. In Europe, the euro zone economy shrank at a quarterly rate of 0.2 percent in the second quarter of this year.

As for individual countries, French economic growth remained flat in the second quarter, beating previous estimation of 0.1 percent decrease, while Germany's gross domestic product rose 0.3 percent. The Dow Jones industrial average gained 2.71 points, or 0.02 percent, to close at 13,172.14. The Standard &Poor's 500 index was down 0.18 points, or 0.01 percent, to 1,403.93. The Nasdaq Composite Index fell 5.54 points, or 0.18 percent, to 3,016.98. Stephen J. Guilfoyle, an economist with the New York-based Meridian Equity Partners, told Xinhua that Tuesday's mixed market was caused by both better-than-expected U.S. data and still poor growth data of Europe.

Because of the mixed feelings about the data, investors kept hesitant and the market volume remained at levels well below generally called "low."

Guifoyle also said that many investors were still waiting for the U.S. Federal Reserve's next move. They hoped the Fed will work out more monetary policies.

As for other markets, crude prices rose on Tuesday as U.S. retail sales and Germany's GDP data beat expectations, while oil supplies tended to tighten further on geopolitical tension and production declines in the North Sea.

Light, sweet crude for September delivery added 70 cents, or 0. 75 percent, to settle 93.43 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for September delivery inched up and last traded around 114 dollars a barrel.

The U.S. dollar traded mixed against major currencies in late New York trading on Tuesday as upbeat U.S. retail sales dampened the hopes for further monetary easing policies. The dollar index rose 0.041 to 82.527.

 

 

 

 

Editor:James |Source: Xinhua

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