US stocks close mixed after mediocre China data
NEW YORK (AFP) - US stocks on Monday finished the day mixed after Standard & Poor's raised its outlook for the US debt rating and lackluster economic data out of China.
The Dow Jones Industrial Average dropped 9.53 (0.06 per cent) to 15,238.59. The broad-based S&P 500 slipped 0.57 (0.03 per cent) to 1,642.81, while the tech-rich Nasdaq Composite Index added 4.55 (0.13 per cent) at 3,473.77.
Before trade opened S&P upgraded its debt rating outlook for the United States, saying there is now less than a one-in-three chance for a downgrade in the near term.
S&P cited a somewhat improved US political climate following the year-end 2012 "fiscal-cliff" deal and a US economic environment that should lead the country to "match or exceed its peers in the coming years." Over the weekend, China reported industrial output in May rose by 9.2 per cent year-on-year, slightly weaker than the 9.3 per cent increase in April.