Fri, June 25, 2010
Business > Markets

Wall Street little changed after mixed data

2010-06-25 15:02:43 GMT2010-06-25 23:02:43 (Beijing Time)

Stocks were little changed on Friday after mixed economic data, while financial shares gained as uncertainty ebbed after an agreement to overhaul financial regulations.

Consumer sentiment rose in June to its highest point since January 2008, a survey showed, but Wall Street was concerned about the strength of a recovery after first-quarter economic growth was slower than previously estimated.

Economic worries have reignited after recent weak data, including this week's sharp drop in home sales. Still, the consumer sentiment report was encouraging, said Hugh Johnson, chief investment officer of Johnson Illington Advisors in Albany, New York.

"The is hopefully going to help those investors out there that have worries about a double-dip recession, driven in part by a slowdown in consumer spending," said Johnson.

U.S. lawmakers hammered out new Wall Street regulations in the early hours, though the measure must still win approval from both chambers of Congress before U.S. President Barack Obama can sign it into law.

The removal of remaining uncertainty about the overhaul sent the KBW Bank Index (.BKX) up 1.3 percent. JPMorgan Chase & Co (JPM.N) led the Dow higher, gaining 1.3 percent to $38.54.

The Dow Jones industrial average (.DJI) eased 10.50 points, or 0.10 percent, to 10,142.30. The Standard & Poor's 500 Index (.SPX) added 0.54 points, or 0.05 percent, to 1,074.23. The Nasdaq Composite Index (.IXIC) was off 2.75 points, or 0.12 percent, to 2,214.67.

BlackBerry maker Research in Motion Ltd (RIM.TO)(RIMM.O) was the biggest drag on the Nasdaq after reporting shipments and subscribers fell short of expectations, flaming fears it was losing market share to rivals like Apple Inc (AAPL.O). RIM U.S. shares slumped more than 7 percent to $54.31.

On the upside, Oracle Corp's (ORCL.O) quarterly profit beat expectations as sales of new software rose. Oracle added 3.1 percent at $22.90.


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