May 26, 2013
Wall Street fades in late trade, European shares rally
Wall Street stocks ended little changed on Tuesday after early gains supported by stronger-than-expected US retail sales numbers faded, while oil prices rose on tepid growth data in Europe that underpinned hopes for fresh monetary stimulus.
A rise in US retail sales in July, the first increase in four months, added to uncertainty in the bond market over whether growth has slowed to the point at which the US Federal Reserve is likely to launch a new round of stimulus when it meets next month. Treasury prices fell.
The Dow Jones industrial average closed up 2.71 points, or 0.02 percent, at 13,172.14. The S&P 500 Index ended down 0.18 point, or 0.01 percent, at 1,403.93. The Nasdaq Composite Index finished down 5.54 points, or 0.18 percent, at 3,016.98.
European shares advanced, in a broad-based rally, as tepid growth figures from Europe led investors to focus on expectations for fresh stimulus measures from the region's policymakers.
The FTSEurofirst 300 closed 0.7 percent higher at 1,101.97, having lost 0.4 percent in the previous session, albeit in thin trading volume - at around 60 percent of its 90-day daily average.
Japan's Nikkei share average inched up as investors picked up stocks that were oversold during a disappointing earnings season, with hopes for fresh global stimulus continuing to underpin quiet markets.
Softbank Corp, a defensive favourite, rose 2.9 percent to a 15-month high as the most traded share on the main board.
The Nikkei rose 0.5 percent to 8,929.88 points after briefly peeping above its 200-day moving average at 8,959.17, a move analysts said showed optimism, but ultimately a lack of conviction.