Flat start to short week
Monday, November 22, 2021 10:40 AM

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In New York, stocks opened lower to start a holiday-shortened week Monday, as news of progress on Ireland's rescue package underscored concerns about other troubled European economies.

The Dow Jones Industrials settled 26.18 points soon after the opening bell to 11,177.40.

The S&P 500 was down 1.68 points to 1,198.05. The tech-rich Nasdaq Composite Index moved up 11.40 points to 2,529.52.

Stocks eked out gains Friday, ending a volatile week with a whimper. The volatility was driven by nervousness over China's efforts to temper bank lending and a potential bailout for Ireland.

Optimism over General Motors' initial public offering helped limit the downside.

On Sunday, Irish Prime Minister Brian Cowen formally requested substantial financial assistance from the European Union and the International Monetary Fund. The group is now working to hammer out final details of a rescue package worth tens of billions of dollars.

That move could give U.S. markets a boost because it removes a piece of uncertainty, according to some experts

But jitters will remain over debt levels in Portugal and Spain, they said.

Investors will have to digest a full plate of top-tier economic indicators before packing it in for the week.

Reports on the agenda Tuesday and Wednesday include a revised reading on U.S. economic growth, housing data and durable goods orders, as well as personal income and spending figures. In addition, the Federal Reserve is scheduled to release minutes from its Nov. 3 policy meeting on Tuesday.

In company news, Netflix shares jumped at the opening bell after the company announced a streaming-only video service for $7.99 U.S. a month. The streaming plus DVD rental service price will increase to $9.99 U.S. a month.

Shares of Green Mountain Coffee fell following the company's after-hours announcement Friday that it will recalculate earnings for the last three fiscal years and the first three quarters of the current fiscal year due to accounting errors.

Dow component Hewlett-Packard is among the companies due to report quarterly results after the market closes. Analysts expect the computer products maker to post fiscal fourth-quarter earnings of $1.27 U.S. per share on sales of $32.75 billion U.S. according to Thomson Reuters.

The price on the benchmark 10-year U.S. Treasury moved up, lowering the yield to 2.83% from 2.87% late Friday. Treasury prices and yields move in opposite directions.

Oil eased 29 cents a barrel to $81.57 U.S. The price of an ounce of gold triumphed $2.53 to $1,356.01 U.S.

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(Source: Quotemedia)


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Market news:

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    • Escobedo was taken by ambulance to a hospital, where she died within minutes.
    • On Friday, a group of demonstrators gathered outside the Interior Department in Mexico City to protest the killing, briefly scuffling with police while chanting "Not one more death!"
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