U.S. stocks wavered between small gains and losses in early trading Tuesday after several big retailers turned in mixed results, stoking concerns of a weak holiday shopping season. Consumer staples stocks were among the biggest gainers, while energy stocks declined as a slide in oil prices resumed.
KEEPING SCORE: The Dow Jones industrial average was little changed at 17,484 as of 10:13 a.m. Eastern Time. The Standard & Poor’s 500 index was up a fraction at 2,053. The Nasdaq composite edged up two points to 4,986.
ROUGH QUARTER: Urban Outfitters plunged 14.5 percent after the retailer’s latest quarterly sales fell short. The stock dropped $3.30 to $19.38.
BETTER SALES: Wal-Mart Stores rose 3 percent after the company reported improved customer traffic and an increase in a key sales figure for the third quarter, even as a stronger dollar pressured its performance overseas. The world’s largest retailer also issued a forecast for the holiday shopping season that largely beat Wall Street expectations. The stock added $1.76 to $59.63.
MANUFACTURING BELLWETHER: The Federal Reserve said that U.S. manufacturing output rose 0.4 percent in October, the first gain in three months, as factories cranked out more steel, cars and computers. The rise suggests that manufacturers may be overcoming challenges they have faced for most of this year.
DIMMED OPTIMISM: The latest National Association of Home Builders/Wells Fargo builder sentiment index slipped this month. Builders’ view of current sales conditions and their outlook for sales over the next six months also declined. Despite the decline, builders’ overall outlook remains favorable.
EUROPEAN ACTION: Markets in Europe were moving higher, thanks partly to a report showing that business optimism in Germany rose more than analysts had expected this month, aided by strong domestic demand and a weaker euro. Germany’s DAX rose 1.8 percent, while France’s CAC 40 jumped 2.3 percent. Britain’s FTSE 100 rose 1.7 percent.
ASIA’S DAY: Markets finished mostly higher on increased expectations that the Bank of Japan will roll out more stimulus measures in light of new data showing that the world’s third-largest economy has slipped again into a recession. Japan’s Nikkei 225 gained 1.2 percent, while South Korea’s Kospi rose 1.1 percent. Hong Kong’s Hang Seng index advanced 1.2 percent.
ENERGY: Benchmark U.S. crude oil dropped 80 cents to $40.94 a barrel in New York. Brent crude, used to price international oils, fell 85 cents to $43.71 a barrel in London.
BONDS & CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.30 percent from 2.27 percent late Monday. The dollar rose to 123.37 yen from 123.26 yen, while the euro fell to $1.0663 from $1.0678.
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