Investing.com - U.S. stock prices fell in the final hour of
trading on Thursday, wiping out earlier gains stemming from growing
sentiment that the U.S. economy is on the mend.
At the close of U.S. trading, the Dow Jones Industrial Average
finished down 0.15%, the S&P 500 index ended down 0.09%, while
the Nasdaq Composite index slipped 0.07%.
Stock prices still managed to finish February in positive
The Commerce Department reported earlier that the country's
fourth-quarter gross domestic product was revised up to 0.1% from
an initial estimate of a 0.1% contraction, though the figure missed
expectations for 0.5% growth.
Stock prices still rose for most of the session on the news before
late-session profit taking wiped out gains.
Other indicators released earlier painted a rosier picture of the
The Department of Labor reported that weekly initial jobless claims
dropped 22,000 last week to a seasonally adjusted 344,000, compared
to expectations for a decline of 6,000 to 360,000.
Elsewhere, manufacturing activity in the Chicago-area expanded
faster than expected in February, hitting an 11-month high,
according to industry data.
The MNI Chicago purchasing managers' index rose to a seasonally
adjusted 56.8 in February from a reading of 55.6 in January,
beating out analysts' calls for a February reading of 54.3.
A reading above 50.0 indicates expansion, while below indicates
Leading Dow Jones Industrial Average performers included
Hewlett-Packard, up 1.87%, DuPont, up 0.91%, and Coca-Cola, up
The Dow Jones Industrial Average's worst performers included
Wal-Mart, down 1.13%, UnitedHealth Group, down 0.80%, and Procter
& Gamble, down 0.72%.
European indices, meanwhile, where up.
After the close of European trade, the EURO STOXX 50 rose 0.83%,
France's CAC 40 rose 0.85%, while Germany's DAX 30 finished up
0.86%. Meanwhile, in the U.K. the FTSE 100 finished up 0.55%.
On Friday, the U.S. is to round up the week with a report from the
Institute of Supply Management on manufacturing activity, official
data on personal spending and revised data on consumer sentiment
from the University of Michigan.
Federal Reserve Chairman Ben Bernanke is scheduled to speak in San
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