NEW YORK: US stocks traded mixed Wednesday following news out of Europe that the Greek debt crisis was accelerating and positive numbers on US manufacturing.
The Dow Jones Industrial Average was down 26.42 points (0.21 percent) to 12,851.86 in the first hour of trade, by 1530 GMT.
The broad-based S&P 500 added 2.01 points (0.15 percent) to 1,352.51, while the Nasdaq Composite climbed 11.46 (0.39 percent) to 2,943.29.
"Many market participants are reacting to recent headlines that bailout funds earmarked for Greece may be withheld by eurozone officials, who may be questioning the sincerity of the flagging country's commitment to honor recently approved austerity measures," Briefing.com analysts said.
The Federal Reserve's Empire State Manufacturing survey showed a stronger-than-expected pickup in activity in the New York region in February, the third straight month of gains.
In a separate report, the Fed said US industrial production rose 0.7 percent in January from December, with solid manufacturing output growth offset by unseasonably warm winter weather that lowered heating demand from utilities.
Among stocks in focus, Kellogg Company said it will buy Procter & Gamble's Pringles potato chip business for $2.7 billion as the cereal maker seeks to extend its global snacks reach.
The announcement came after P&G and Diamond Foods mutually agreed to end Diamond's plan to buy Pringles.
Investors applauded, sending Kellogg shares up 4.9 percent to $52.78. P&G was up 0.84 percent; Diamond jumped 2.9 percent.
Cable and media giant Comcast surged 5.8 percent after posting solid earnings gains and an upbeat outlook.
On Tuesday the main indexes managed to squeak out miniscule gains in a late rally after spending the day in the red amid eurozone debt worries.
Bond prices were flat.
The yield on the 10-year Treasury was unchanged from 1.92 percent on Tuesday, while the 30-year yield held steady at 3.07 percent.
Bond prices and yields move in opposite directions.
Comments
Comments are closed for this article.