May 24, 2013
Wall Street ends flat, European shares' rally pauses
US stocks were little changed today after Wells Fargo & Co reported a decline in net interest margin despite a record profit in the latest quarter, weighing on bank stocks.
The Dow Jones industrial average was off 3.24 points, or 0.02 percent, to 13,467.98. The Standard & Poor's 500 Index fell 2.50 points, or 0.17 percent, to 1,469.62. The Nasdaq Composite Index dipped 0.64 points, or 0.02 percent, to 3,121.13.
European equities stalled today, with weak economic data from the United States and concerns about the scope for more stimulus in China giving investors the excuse to lock in profits on a new year rally to multi-month highs.
The US trade deficit unexpectedly grew in November, suggesting that fourth quarter gross domestic product growth in the world's biggest economy would likely be lower than previously expected.
The FTSEurofirst 300 index provisionally closed 0.1 percent lower at 1,163.40 points, retreating from Thursday's two-year peak of 1,170.29 hit on the coat tails of last-minute end-2012 U.S. budget deal to avert steep austerity measures.