US stocks stayed all but flat, with major indexes trading in a narrow band at midday on expectations that the Federal Reserve will announce a new round of bond-buying at the end of its two-day policy meeting later.
"The market is waiting on the Fed, anticipating the open check to be out again, but we will see. Anything less than enormous will be disappointing to the market," said Joe Saluzzi, co-founder of New Jersey-based brokerage Themis Trading, according to Reuters
The Dow Jones Industrial Average
(INDEXDJX:.DJI) was up 0.05% to 13,255.20 points as of 12:04 p.m. EST.
(NYSE:DD) rose 1.92% to $44.53 after saying 2012 earnings will come in at the high end of its forecast. The company also said it would spend up to $1 billion to buy back shares.
(NYSE:HPQ) also advanced 1.69% to $14.51. Earlier in the day, the stock hit $14.64, which was the highest it had reached since October 22. The company recently introduced a new line of enterprise- and consumer-oriented Windows 8
(NASDAQ:MSFT) PC devices, which could provide a much-needed boost to the struggling PC company.
Dow financials performed strongly, with Bank of America
(NYSE:BAC) (+0.69% to $10.58), JPMorgan
(NYSE:JPM) (+1.10% to $43.11), and American Express
(NYSE:AXP) (+1.00% to $57.63) all gaining. The bellwether Financial Select Sector SPDR ETF
(NYSEARCA:XLF), which tracks all financial stocks in the S&P 500
(INDEXSP:.INX), was up 0.65% to $16.18.
(NYSE:GE) also improved 1.56% to $21.84.
(NYSE:WMT) was the biggest Dow loser on the day, sliding 2.24% to $69.31. Speaking at the New York offices of the Council on Foreign Relations, CEO Mike Duke said yesterday that consumers were cutting their holiday spending thanks to growing concerns over the fiscal cliff. Duke noted that 15% of Wal-Mart’s core customers indicated that the cliff would impact how much they spent this holiday, which investors took as a sign that Wal-Mart’s sales this season could be underwhelming.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.