24/06/2004 16:55
U.S. stock markets were mixed early Thursday, as investors showed caution after a two-session rally, despite a surprisingly weak durable goods orders report, which helped temper worries about interest rates.
After 10 minutes of trading, the Dow Jones industrial average (down 5.16 to 10,474.41, Charts), the Standard & Poor's 500 (up 0.18 to 1,144.24, Charts) index and the Nasdaq composite (up 5.28 to 2,026.26, Charts) all traded near unchanged.
Stock markets gained Tuesday and Wednesday in a technology-led surge. However, analysts said the gains, while positive, did little to move the indexes out of the range they've been in for several weeks, and to a larger extent, most of this year.
The current focus for many Wall Streeters are the slew of events due next week, including a Federal Reserve policy-setting meeting, the transfer of power in Iraq and the June monthly payrolls tally.
In the day's news on the economy, orders for durable goods fell 1.6 percent in May, after falling a revised 2.6 percent in April. Economists surveyed by Briefing.com expected orders to rise by 1.4 percent in May.
Additionally, 349,000 people filed new claims for unemployment benefits last week, up from 336,000 the previous week. Economists surveyed by Briefing.com were expecting 340,000 new claims.
Both reports were surprising, going against recent, more upbeat economic data, and helped to ease some interest rate worries. Currently, the market is factoring in a quarter-percentage point rise in the fed funds rate at the Fed's meeting June 29-30.
Among early movers, shares of AT&T (T: unchanged at $16.41, Research, Estimates) declined after it warned late Wednesday that its 2004 revenue will miss current expectations because of pricing pressure and new regulatory policies. The company also said earlier Wednesday that it would stop seeking new local and long-distance customers in seven states for similar reasons.
Shares of Microsoft (MSFT: unchanged at $28.30, Research, Estimates) rose 1 percent after Banc of America Securities upgraded the stock to "buy" from "neutral," and raised its 12-month price target to $35 from $28.50, saying that the company is moving into a new phase of growth.
Treasury prices rallied, pushing the 10-year note yield down to 4.63 percent from 4.69 percent late Wednesday. The dollar edged lower versus the euro and yen.
In commodities trading, Brent crude oil futures gained 30 cents to $35.33 a barrel in London. COMEX gold rallied $6 to $401.50 an ounce.
In global trade, Asian markets closed higher Thursday, and European markets gained at midday there.
After 10 minutes of trading, the Dow Jones industrial average (down 5.16 to 10,474.41, Charts), the Standard & Poor's 500 (up 0.18 to 1,144.24, Charts) index and the Nasdaq composite (up 5.28 to 2,026.26, Charts) all traded near unchanged.
Stock markets gained Tuesday and Wednesday in a technology-led surge. However, analysts said the gains, while positive, did little to move the indexes out of the range they've been in for several weeks, and to a larger extent, most of this year.
The current focus for many Wall Streeters are the slew of events due next week, including a Federal Reserve policy-setting meeting, the transfer of power in Iraq and the June monthly payrolls tally.
In the day's news on the economy, orders for durable goods fell 1.6 percent in May, after falling a revised 2.6 percent in April. Economists surveyed by Briefing.com expected orders to rise by 1.4 percent in May.
Additionally, 349,000 people filed new claims for unemployment benefits last week, up from 336,000 the previous week. Economists surveyed by Briefing.com were expecting 340,000 new claims.
Both reports were surprising, going against recent, more upbeat economic data, and helped to ease some interest rate worries. Currently, the market is factoring in a quarter-percentage point rise in the fed funds rate at the Fed's meeting June 29-30.
Among early movers, shares of AT&T (T: unchanged at $16.41, Research, Estimates) declined after it warned late Wednesday that its 2004 revenue will miss current expectations because of pricing pressure and new regulatory policies. The company also said earlier Wednesday that it would stop seeking new local and long-distance customers in seven states for similar reasons.
Shares of Microsoft (MSFT: unchanged at $28.30, Research, Estimates) rose 1 percent after Banc of America Securities upgraded the stock to "buy" from "neutral," and raised its 12-month price target to $35 from $28.50, saying that the company is moving into a new phase of growth.
Treasury prices rallied, pushing the 10-year note yield down to 4.63 percent from 4.69 percent late Wednesday. The dollar edged lower versus the euro and yen.
In commodities trading, Brent crude oil futures gained 30 cents to $35.33 a barrel in London. COMEX gold rallied $6 to $401.50 an ounce.
In global trade, Asian markets closed higher Thursday, and European markets gained at midday there.
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