US stocks close little changed

By FXStreet FXStreet (Córdoba) – US stock indexes ended the day with mixed results, after hovering between gains and losses for most of the session, unable to set a clear directional trend.

The DJIA retreated from a daily high of 16,510 right before the closing bell, to end the day at 16,449.18, down by 17 points or 0.10%. The Nasdaq added 6 points, or 0.14%, to 4,620.37. The S&P closed the day barely unchanged, down by less of a point, or 0.04%, at 1,939.38.

On the data front, US personal income rose 0.3% in December versus 0.2% expected, while personal spending remained flat in the same period, against a rise of 0.1% expedited. Meanwhile, the PCE deflator, Fed’s preferred gauge of inflation, advanced 0.6% over the year, matching forecasts while excluding food and energy, PCE rose 1.4%, as expected.

The ISM manufacturing PMI came in line with expectations at 48.2, showing continued contraction in the sector.

DJIA technical view

“Technically, the daily chart shows that the bullish tone seen on previous updates in the DJIA persists, given that the index erased most of its early losses, triggered by falling oil prices. In the mentioned chart, the 20 SMA is now flat, far below the current …read more

Source:: FX Street