Markets flat Wednesday

Posted on Aug 30, 2012 in Business | 0 comments

U.S. stock indexes managed only slight gains in New York Wednesday after the Commerce Department revised its GDP estimate from 1.5 percent to 1.7 percent.

Consumer spending increased more than previously reported, bumping the gross domestic product higher, but not as high as the first quarter increase of 2 percent over the fourth quarter of 2011.

By close of trading, the Dow Jones industrial average gained 4.49 points to 13,107.48, up 0.03 percent. The tech-heavy Nasdaq Composite index added 4.05 points to 3,081.19, up 0.13 percent. The Standard and Poor”s 500 added 1.19 points to 1,410.49, up 0.08 percent.

On the New York Stock Exchange, 1,799 stocks advanced and 1,175 declined on a volume of 2.4 billion shares traded.

The benchmark 10-year treasury fell 5/32, yielding 1.655 percent.

The euro fell to $1.2531 from Tuesday”s $1.2565. Against the yen, the dollar rose to 78.70 yen from 78.51 yen.

In Tokyo, the Nikkei 255 index added 0.4 percent, 36.52 points, to 9,069.81.

In London, the FTSE 100 index fell 0.56 percent, 32.18 points, to 5,743.53.

Copyright 2012 by United Press International