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Market indices mixed on Tuesday

20 May 2009 08:46 (UTC +04:00)

Baku- APA-Economics. A record low in housing construction has led investors to doubt the economy again.
Stocks ended narrowly mixed in light trading as the surprise drop in construction and a cautious outlook from retailer Home Depot Inc. caused energy and utility stocks to pare gains.
Construction of homes and apartments fell 12.8 percent last month to the lowest pace on records going back a half-century, the Commerce Department said. Analysts had expected housing starts to rise.
According to preliminary calculations, the Dow Jones industrial average fell 29.23, or 0.3 percent, to 8,474.85.
Home Depot was the biggest loser in the Dow Tuesday, falling $1.39, or 5.3 percent, to $24.63 after saying its markets are still under pressure. Profits at the nation’s largest home improvement retailer climbed 44 percent, better than expected, as the company booked fewer charges.
Broader stock indicators were mixed. The S&P 500 index fell 1.58, or 0.2 percent, to 908.13, while the Nasdaq composite index rose 2.18, or 0.1 percent, to 1,734.54.
About three stocks rose for every two that fell on the New York Stock Exchange, where volume came to 1.35 billion shares.
In other trading, the Russell 2000 index of smaller companies fell 1.53, or 0.3 percent, to 493.26.
Bond prices were mixed. The yield on the 10-year Treasury note was unchanged at 3.24 percent.
The dollar fell against other major currencies, while gold prices rose modestly.
Overseas, Britain’s FTSE 100 rose 0.8 percent, Germany’s DAX index rose 2.2 percent, and France’s CAC-40 rose 0.9 percent. Japan’s Nikkei stock average jumped 2.8 percent.