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US stocks end little changed

01-12-2012 14:21 BJT

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U.S. markets recovered from earlier losses to end flat Wednesday as concerns about Europe's weak economy and debt crisis weighed on the market. Meanwhile, the Federal Reserve is more upbeat, saying the economic activity increased "at a modest to moderate pace" at the end of last year.

Wall Street decided it was time to take a little break one day after pushing the Dow and S&P 500 to five-month highs.

Traders work on the floor of the New York Stock Exchange on Jan. 3.

But the selling was kept to a minimum by a positive view from the Federal Reserve. According to a summary of business conditions, the U.S. economy continued its slow and steady improvement at the end of last year. The holiday shopping season was described as robust, but the lack of wage growth was seen as a drag.

Television makers hope a better U.S. economy will mean a sales revival, following a flat 2011. At the annual Consumer Electronics Show, TV companies were showing off models with crisper, vibrant video technology called Organic light-emitting diode or O-L-E-D. The newest TVs are thinner and bigger, and also smarter, which means they connect to the internet and can be customized with apps.

A deal to keep German car maker Opel out of bankruptcy may be in the works, according to sources close to union leadership in Germany. As part of the possible deal between General Motors and the union, GM would shift more production to Europe from South Korea, in exchange for more flexibility to cut costs and turn the ailing Opel unit around. GM said it will not comment on talks with the union.

Meantime, An American icon has filed for bankruptcy - again. Hostess, the maker of Twinkies and Wonder Bread, said the reorganization is needed because of high pension and health benefit costs.

Back to the markets now: The Dow posted a small loss, while the S&P inched higher and the Nasdaq rallied for the fifth consecutive session.

In Europe, stocks headed lower after Fitch urged the European Central Bank to do more to stem the debt crisis.

U.S. markets recovered from earlier losses to end flat Wednesday as concerns about
Europe's weak economy and debt crisis weighed on the market.

 

Editor:Zhang Rui |Source: CNTV.CN

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