Investing.com – The Dow ended up with rising energy stocks, but weak economic data added to concerns about global growth, limiting gains.
The rose of about 0.55%. The was stronger and added 0.72%, while the gain of 0.71%.
Rising energy stocks propelled the broader market upward, as oil prices rose 1.9% in the face of concerns over global supply saturation following a power outage in Venezuela and forecasts from the Energy Information Administration that stocks of crude oil would decline for the third week of Wednesday.
The shares gave up some of their cumbersome intra-day earnings, as US bond yields declined from the session highs, but managed to stay above the key 2.40%. The decision was made while US data indicated a slowdown in the underlying economy, due to weak housing figures and consumer confidence.
The fall fell from 131.4 in February to 124.1 in March, well below the forecasts of economists for a reading of 132.
US housing starts represent the second largest monthly drop since November 2016. Building permits, a key indicator of US housing production, declined for the second month in a row.
Weakness in housing data has led to mixed performance among homebuilders.
DR Horton (NYSE 🙂 fell 0.91% and Lennar (NYSE :), which publishes its results on Wednesday before the opening of US markets, rose 0.44%. KB Home (NYSE 🙂 rose 0.88%.
In the tech sector, Apple (NASDAQ 🙂 suffered a 1% negative pressure, after a US Commerce Judge said the iPhone maker had violated a Qualcomm patent and ordered the prohibition of certain iPhones imported from the United States. Qualcomm (NASDAQ 🙂 rose 2.40%.
Consumer discretionary stocks posted a gain for the day despite an 8.7% decline in Carnival (NYSE 🙂 shares, whose results above the consensus were overshadowed by lower-than-expected earnings guidance.
According to S & P Capital IQ, the cruise line guided Q2 earnings over a range of 56 to 60 cents per share, below current estimates of 73 cents per share.
In other news from the company, Viacom (NASDAQ 🙂 jumped after the broadcaster reaffirmed its year-round forecast for its media network division. This comes amidst reports that the company has resumed merger negotiations with CBS (NYSE 🙂
Main winners and losers of the S & P 500 today:
Viacom (NASDAQ :), Biogen (NASDAQ 🙂 and CBS (NYSE 🙂 were among the main winners of the S & P 500 for the session.
Carnival (NYSE :), Abiomed (NASDAQ 🙂 and WellCare Health Plans (NYSE 🙂 were among the worst in the S & P 500 session.
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