Roundup: Wall Street narrows gains to end mixed
Monday, December 13, 2021 6:12 PM

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NEW YORK, Dec. 13, 2010 (Xinhua News Agency) -- The U.S. stocks on Monday narrowed gains before closing as the boosting factors faded. The major indexes ended with the Dow slightly up, S&P 500 flat and Nasdaq down.

In the earlier trading sessions, Wall Street rose on China's positive economic data and several merger deals. But before the closing, the gains narrowed as the retail and technology stocks fell.

Shares of Intel (NASDAQ:INTC) slipped 1.87 percent after Goldman Sachs (NYSE:GS) advised to avoid the stock in its most recent research report. IBM (NYSE:IBM) fell 0.37 percent as it got "neutral" rating from Goldman.

As of the market close, the Dow Jones industrial average added 18.24 points, or 0.16 percent, to 11,428.56. The Standard & Poor's 500 index rose 0.06 to 1,240.46 and the Nasdaq was down 12.63 points, or 0.48 percent, to 2,624.9.

China retail sales rose at an 18.7-percent annualized rate in November, while inflation rose by a higher than expected 5.1 percent, up from 4.4 percent in October. Investors had feared that China would increase its interest rate to curb the rising inflation, which would have negative impacts on economy growth. But instead China's central bank decided to take a softer move by raising reserve requirements. This buoyed the market sentiment.

The energy sector enjoyed the highest rise. Shares of big oil company Chevron Corp (NYSE:CVX) were up 1.54 percent. The basic materials sector also gained, with United States Steel Corp. (NYSE:XSS) (NYSE:X) up 1.06 percent.

Stocks also got lifted by M&A's picking up. General Electric Co. (NYSE:GE) said it will buy British oilfield services company Wellstream Holdings Plc (OOTC:WSHOF) for about 800 million pounds to expand its subsea equipment and services portfolio. And Dell Inc. will acquire data storage company Compellent Technologies Inc. (NYSE:CML)

Besides, the tax cut compromise between President Barack Obama and the Republicans was scheduled for its first vote in the Senate on Monday afternoon. The package, which includes extension of tax cuts first introduced in the Bush administration for another two years, extension of unemployment insurance and one-year reduction in Social Security taxes, is expected to get a pass.

In other markets, crude prices rose as OPEC's weekend meeting in Ecuador kept production quotas unchanged. Light, sweet crude for January delivery gained 82 cents to 88.61 U.S. dollars a barrel on the New York Mercantile Exchange. The U.S. dollar fell broadly against major currencies in late New York trading as investors worried about the U.S. budget deficit due to the probable tax cut extension.

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(Source: Quotemedia)


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