December 14, 2017
Monday, February 1, 2016

Wall Street cuts losses to close flat

Strong gains in Facebook and Alphabet helped Wall Street cut losses and stage a late-day rally, with major indexes closing near the unchanged mark.

Alphabet rose up 1.2 percent at $770.77 ahead of its results. After the bell, the Internet giant's stock jumped 9 percent and the company became the most valuable in the United States, surpassing the market cap of Apple.

Twitter jumped 6.6 percent at $17.91 after talk of a private equity deal.

Stocks had been lower earlier in the day as weak Chinese economic data added to concerns about a global slowdown and oil prices resumed their slide. The manufacturing sector in the world's second-largest economy contracted in January at the fastest pace since 2012.

The Dow Jones industrial average was down 17.12 points, or 0.1 percent, to 16,449.18, the S&P 500 had lost 0.86 points, or 0.04 percent, to 1,939.38 and the Nasdaq Composite had added 6.41 points, or 0.14 percent, to 4,620.37.

Slammed by collapsing oil prices, stocks have been volatile since the start of the year. Coming off the worst January since 2009, the S&P 500 is down 5.1 percent for the year.

Traders now expect the Fed to scale back the number of rate hikes this year. They are pricing in only a 17-percent chance that the Fed will raise rates in March, according to CME Group's FedWatch.

Fourth-quarter S&P 500 earnings are expected to have fallen 4.1 percent from a year ago, though that percentage has improved since last week, according to Thomson Reuters data.

Declining issues outnumbered advancing ones on the NYSE by 1,556 to 1,503, for a 1.04-to-1 ratio on the downside; on the Nasdaq, 1,418 issues fell and 1,410 advanced.

The S&P 500 posted 29 new 52-week highs and 5 new lows; the Nasdaq recorded 26 new highs and 97 new lows.

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Tags:  US  stock market  Europe  Nikkei  

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