Stocks Wobble as Housing, Factory Data Disappoint


FOX Business: Capitalism Lives Here

U.S. equity markets zigzagged in a tight range on Tuesday as traders reviewed concerning data on the American housing and factory sectors.

Continue Reading Below

Today's Markets

As of 3:15 p.m. ET, the Dow Jones Industrial Average fell 12.3 points, or 0.08%, to 16142, the S&P 500 rose 3 points, or 0.16%, to 1842 and the Nasdaq Composite jumped 30.8 points, or 0.73%, to 4275.

Japanese shares soared on the day after the country's central bank said it would keep its foot pressed firmly on the economic accelerator. However, European markets lagged amid mixed economic data. The closely-watched ZEW survey of German economic sentiment rose more than analysts expected, but UK inflation took a bigger-than-expected dip.

On the U.S. economic front, the New York Federal Reserve's manufacturing index fell to 4.48 in February, from 12.51 the month prior, well below Wall Street’s expectation of 9. Readings above 0 indicate expansion, while those below point to contraction.

"Weather might have been a contributing factor to the decline, as temperatures in New York state have been considerably colder than usual over the last four weeks," economists at Goldman Sachs wrote to clients.

The National Association of Home Builders’ gauge of homebuilder sentiment fell to 46 in February from 56 the month prior. It was the lowest reading since May.

In corporate news, Coca-Cola (NYSE:KO) posted quarterly profits that matched expectations, but sales trailed estimates. Actavis (NYSE:ACT) said it will buy Forest Laboratories (NYSE:FRX) in a cash-and-stock deal valued at $25 billion.

Elsewhere, U.S. crude oil futures climbed 77 cents, or 0.77%, to $101.07 a barrel. Wholesale New York Harbor gasoline advanced 0.72% to $2.836 a gallon. Gold slumped $4.60, or 0.34%, to $1,314 a troy ounce.

What do you think?

Click the button below to comment on this article.