Arab Today, arab today us stocks little changed at start of dataheavy week
Last Updated : GMT 20:08:36
Arab Today, arab today
Arab Today, arab today

US stocks little changed at start of data-heavy week

Arab Today, arab today

Arab Today, arab today US stocks little changed at start of data-heavy week

Wall Street stocks were little changed early Monday as a week heavy on economic data
New York - AFP

Wall Street stocks were little changed early Monday as a week heavy on economic data began with a report showing slightly higher consumer spending in February.

About 30 minutes into trade, the Dow Jones Industrial Average was at 17,537.44, up 21.71 points (0.12 percent), as US markets reopened following the Good Friday holiday.

The broad-based S&P 500 added 0.64 (0.03 percent) at 2,036.58, while the tech-rich Nasdaq Composite Index dropped 4.46 (0.09 percent) to 4,769.04.

Consumer spending, which accounts for about two-thirds of the activity in the US economy, rose 0.1 percent in February, matching the previous two months' increases, the Commerce Department said.

Key data releases later this week include consumer confidence, home prices and the March jobs report, which will be published Friday.

Leading European bourses were closed Monday due to the Easter holiday.

Starwood Hotels & Resorts Worldwide rose 2.5 percent on news it received a $14 billion cash bid from a consortium led by China's Anbang Insurance, topping a previous offer from Marriott International as the bidding war heats up. Marriott gained 4.1 percent.

Avon Products jumped 5.4 percent after reaching an agreement with activist investors led by Barrington Capital Group permitting Barrington the right to approve an independent board member in exchange for withdrawing its nominees to the board. The deal avoids a showdown at the annual meeting.

Videogame retailer GameStop fell 2.4 percent as it projected a drop in comparable store sales of between seven and nine percent in the first quarter.

Egg producer Cal-Maine Foods jumped 6.4 percent after reporting a 26.1 percent rise in third-quarter net income to $64.2 million as egg prices remained elevated due to the avian influenza outbreak.

 

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