U.S. stocks end mixed after Hurricane Sandy

2012-10-31 20:19:34 GMT2012-11-01 04:19:34(Beijing Time)  Xinhua English

U.S. stocks closed mixed on Wednesday after the devastating hurricane Sandy, amid stronger- than-estimates earnings from auto companies.

General Motors reported better-than-expectation earnings on Wednesday, saying that the company's net income in the third quarter fell 1.48 billion dollars, or 0.89 dollar per share.

However, excluding one-time items, GM got 0.93 dollar per share, beating estimates.

Meanwhile, auto company Ford posted on Tuesday that it earned 0. 41 dollars per share, beating expectations.

Some investors were concerned the regional economy will slow down because of the extreme weather but others felt positive as more people will be hired to rebuild the economy.

As for shares, most of Standard & Poor's sectors rose on Wednesday but energy and technology shares dipped.

All U.S. equities, bonds, options and derivatives markets remained closed for Monday and Tuesday when Hurricane Sandy lashed the East Coast and made a landing in New Jersey Monday night. According to local media reports, Sandy claimed lives of at least 55 people, while millions of residents on the East Coast remained without power as of Wednesday.

The last time the New York Stock Exchange was closed for weather was in 1985 because of Hurricane Gloria, but it was the first time since 1888 that the exchange had been closed for two consecutive days because of weather.

The Dow Jones Industrial Average lost 10.75 points, or 0.08 percent, to 13,096.46. The Standard & Poor's 500 was up 0.22 points, or 0.02 percent, to 1,412.16. The Nasdaq Composite Index lost 10.72 points, or 0.36 percent, to 2,977.23.

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