Monday, Apr 21, 2014Monday, Apr 21, 2014
News
 

S&P 500 ends with slight gains; Dow down on earnings

Published on Jan 22, 2014 5:53 AM
PRINT EMAIL
 
Traders work on the floor of the New York Stock Exchange on the evening of Jan 7, 2014 in New York City. United States stocks mostly rose on Tuesday, with the S&P 500 snapping a two-session decline as the materials sector rallied, though the Dow fell on disappointing earnings by three of its components. -- PHOTO: AFP

NEW YORK (REUTERS) - United States (US) stocks mostly rose on Tuesday, with the S&P 500 snapping a two-session decline as the materials sector rallied, though the Dow fell on disappointing earnings by three of its components.

Trading was volatile, with the S&P fluctuating between positive and negative territory throughout the session, while the Dow moved between modest and solid losses and the Nasdaq swung between modest and strong gains.

The S&P materials index rose 0.6 per cent as one of the best performing major S&P indexes, led by a 6.6 per cent gain in Dow Chemical to US$45.93. Activist investor and hedge fund manager Daniel Loeb has taken a stake in the company and wants it to spin off its petrochemical arm.

In addition, Alcoa Inc jumped 6.8 per cent to US$12.13 following an upgrade to "overweight" from JPMorgan. The firm also lifted its price target on the aluminum company to US$15 from US$9.

 
If you are not a subscriber, you can get instant, unlimited access here