Stock rebound loses traction

Posted on Oct 12, 2012 in Business | 0 comments

New York stock market rebound lost traction Friday after the Bureau of Labor Statistics said the producer price index increased 1.1 percent August to September.

Core prices, which exclude food and energy items, held steady, but fuel costs rose 4.7 percent month to month after rising 6.4 percent in August.

Investors remain cautious despite the European Union winning the Nobel Peace Prize. A Standard & Poor”s downgrade of Spanish debt this week has kept investors on edge.

At the close, the Dow Jones industrial average edged back into positive territory, adding 2.46 points or 0.02 percent to 13,328.85 after dropping 283.39 points Monday through Thursday.

On the New York Stock Exchange, 1,095 issues advanced while 1,878 declined on volume of 3.14 billion shares.

The Nasdaq composite index, down 86.78 points in the previous four sessions, gave up 5.30 points or 0.17 percent to 3,044.11. The Standard and Poor”s 500 index was down 4.25 points or 0.3 percent to 1,428.59, on top of of the 28.09 points shed this week.

The benchmark 10-year treasury note rose 4/32 to yield 1.663 percent.

The euro rose to $1.295 from Thursday”s $1.2928. Against the yen, the dollar rose to 78.46 yen from 78.37 yen.

In Japan, the Nikkei 225 index shed 0.15 percent, 12.66 points, to 8,534.12.

In London, the FTSE 100 index dropped 0.62 percent, 36.43, to 5,793.32.

Copyright 2012 by United Press International