NEW YORK: Wall Street stocks were near flat early Thursday, pausing after the prior session’s rout following strong US economic data and mixed earnings.
The world’s biggest economy grew 2.8 percent in the April to June period, double the level in the prior quarter and well above analyst estimates, boosted by consumer spending despite high interest rates.
The data helped shift the trading atmosphere after a steep downturn in tech shares battered stocks on Wednesday. Analysts described the atmosphere as “cautious.”
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 39,928.24
US stocks lower after Google, Tesla results
The broad-based S&P 500 added 0.1 percent at 5,430.30, while the tech-rich Nasdaq Composite Index declined less than 0.1 percent to 17,337.09.
IBM shares rose 1.2 percent after topping estimates as the tech company touted its artificial offerings and raised its forecast for full-year free cash flow.
But Ford slid 15.2 percent after quarterly earnings missed estimates due to higher repair costs on older models. Executives pointed to recent quality ratings that shows improvement on new and recent models.
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