Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

Inside the Market

Up-to-the-minute insights
on developing market news

Entry archive:

Traders on the floor of the New York Stock Exchange on Monday, July 23, 2012 in New York. (Henny Ray Abrams/Associated Press)
Traders on the floor of the New York Stock Exchange on Monday, July 23, 2012 in New York. (Henny Ray Abrams/Associated Press)

At midday: Dow flat despite GDP revision, upbeat housing report Add to ...

Stocks continued to drift sideways in midday trading on Wednesday, following an upwardly revised reading on second-quarter U.S. economic growth and an upbeat report on pending home sales.

At noon, the Dow Jones industrial average was up 2 points, to 13,105. The broader S&P 500 was up 1 point or less than 0.1 per cent, to 1410. In Canada, the S&P/TSX composite index was down 49 points or 0.4 per cent, to 11,961.

More Related to this Story

The tame moves fit in with an exceptionally calm week for trading activity, with the S&P 500 failing to move more than 0.1 per cent for the past three days.

The economic backdrop was positive. U.S. economic growth in the second quarter was revised up to 1.7 per cent from 1.5 per cent previously, at an annualized pace – in line with expectations, though still reflecting sluggish economic activity.

The housing sector provided more encouragement. Pending home sales in July rose 2.4 per cent – and 15 per cent over last year – touching a two-year high. That suggests existing home sales should also move higher.

Within the S&P 500, telecom stocks rose 0.9 per cent and health-care stocks rose 0.5 per cent. Energy stocks fell 0.6 per cent.

Within Canada’s benchmark index, commodity producers were the biggest drags. Energy stocks fell 0.8 per cent and materials fell 1 per cent. Financials rose 0.2 per cent.

Among commodities, crude oil fell to $94.95 (U.S.) a barrel, down $1.38. Gold fell to $1,660 an ounce, down $7.

In Europe, the U.K.’s FTSE 100 fell 0.6 per cent and Germany’s DAX index rose 0.1 per cent.

Follow on Twitter: @dberman_ROB

 
  • TSX-I
  • SPX-I
  • COMP-I
  • DJIA-I
Live Discussion of TSX on StockTwits
More Discussion on TSX-I
Live Discussion of SPX on StockTwits
More Discussion on SPX-I
Live Discussion of COMP on StockTwits
More Discussion on COMP-I
Live Discussion of DJIA on StockTwits
More Discussion on DJIA-I

Topics:

For Globe Unlimited Subscribers

Business videos »

Most popular videos »

Highlights

Most Popular Stories