CLOSING UPDATE: Stocks Erase Deeper Losses, End Little Changed and Remain Defensive Before Pivotal Data on Growth, Jobs
Stocks end narrowly mixed, erasing earlier losses tied to a better than expected services sector indicator and a lowered EU growth forecast for 2014. Trading in the Dow Industrials was confined to a paper-thin 30 point range for most of the day with pressure on telecom stocks offset by strength in consumer staples.
Stocks were trading defensively for most of the day with investors wary of economic data that could influence the Fed to consider tapering before the end of the year. This caused the exaggerated reaction to the above-consensus Institute for Supply Management index for October, sending the Dow 117 points lower just after the open. Although very dovish comments from Boston Fed President Eric Rosengren helped soothe Fed-related jitters, investors were unwilling to take aggressive bets before this week's pivotal economic data which includes GDP on Thursday and non-farm payrolls on Friday.
European markets all closed in the red today after the European Central Bank lowered its forecasts for 2014 GDP and hiked the unemployment rate, raising the odds that Mario Draghi will cut short-term European rates to stimulate the sluggish economy. And although the UK reported a 16 year high in their services sector index, the bearish tone throughout Europe infiltrated the FTSE-100 leaving it fractionally lower.
Dow Jones Industrial Index was down 20, or 0.1%, at 15,618
S&P 500 was down 5 points, or 0.3%, at 1,762
Nasdaq Composite Index was up 3, or 0.1%, at 3,939
FTSE 100 was down 0.25%
Nikkei 225 was up 0.17%
Hang Seng Index was down 0.65%
Shanghai China Composite Index was up 0.35%
DLIA, Omega Advisors founder, Leon Cooperman, disclosed a 6.9% passive ownership stake in the retailer.
ENDP, Reported Q3 adjusted diluted EPS of $1.34, beating the consensus estimate of $1.11. Total quarterly revenues of $715 million also topped the consensus of $697.25 million.
OSN, Awarded two contracts in China to supply its plain surface steel products for new infrastructure projects in the province of Anhui.
OWW, Q3 diluted net income fell to $0.11 per share from $0.14 the year earlier, missing analyst estimates of $0.13.
LF Lowered FY 2013 guidance and a hit with a pair of downgrades.
CRK reported a $0.95 per share net loss from continuing operations versus consensus estimate for a $0.12 loss