U.S. stocks mixed, Treasuries flat; Fed meet ahead
NEW YORK (Reuters) - U.S. stocks were mixed and U.S. Treasury prices traded near flat on Tuesday with investors cautious about a two-day Federal Reserve policy meeting slated to end on Wednesday.
Investors were reluctant to make big bets on some mixed U.S. economic data, given the run-up in stocks in recent weeks and risk in the form of a slew of economic reports throughout the week and the Fed meeting.
U.S. consumer confidence dropped in January to its lowest in more than a year as Americans were more pessimistic about the economic outlook and their financial prospects, according to a private sector report released on Tuesday.
That followed an earlier report that showed U.S. single-family home prices rose in November, building on a string of gains that point to a housing market that is on the mend.
"We need to slow down and digest the huge move we've had," said Christian Wagner, chief executive officer at Longview Capital Management in Wilmington, Delaware.
The gains have largely come on a strong start to the corporate earnings season and that trend continued on Tuesday, with positive results from both Ford Motor Co(F.N) and Pfizer Inc(PFE.N).
The Dow Jones industrial average was up 6.06 points, or 0.04 percent, at 13,887.99. The Standard & Poor's 500 Index was down 1.12 points, or 0.07 percent, at 1,499.06. The Nasdaq Composite Index was down 16.71 points, or 0.53 percent, at 3,137.59.
In the U.S. Treasury debt market, benchmark 10-year yields proved unable to hold above the key 2 percent level touched on Monday with investors looking ahead to a debt auction later in the day as well as the Fed meeting..
The 10-year U.S. Treasury note was up 4/32, with the yield at 1.9507 percent.
Brent crude and U.S. oil prices were mixed on Tuesday but, in line with equities, movements were limited with Brent crude falling 11 cents to $113.39 a barrel and U.S. crude rising 62 cents to $97.06.
The euro extended gains versus the dollar, breaking above key resistance to hit a 14-month high.
(Reporting by Nick Olivari; Editing by Chizu Nomiyama)
- Tweet this
- Share this
- Digg this
- Ten countries scour sea for Malaysia jet lost in "unprecedented mystery"
- Pilot of missing Malaysian flight an aviation tech geek
- Missing Malaysian jet may have disintegrated in mid-air - source
- TIMELINE - The search for missing Malaysian jet
- Hijacking not ruled out in missing Malaysian jet - chief investigator
The disappearance of a Malaysian jetliner is an "unprecedented aviation mystery", a senior official said on Monday, with a massive air and sea search now in its third day failing to find any confirmed trace of the plane or the 239 people aboard. Full Article