U.S. stocks finished little changed after rallying sharply in
the previous session, as encouraging results from auto makers
helped offset euro-zone liquidity concerns.
The Dow Jones Industrial Average rose 21.04 points, or 0.2%, to
12418.42, after crossing the flat line 21 times during the session.
Wednesday's gain came after the Dow surged 179.82 points on
Tuesday, the first U.S. trading day of 2012. It was the
third-biggest point gain to kick off a new year in the index's
history.
The Standard & Poor's 500-stock index edged up 0.24 point,
or 0.02%, to 1277.30, its third gain out of the last four trading
days. Consumer discretionary and material stocks rose, while health
care and utilities fell. The technology-oriented Nasdaq Composite
slipped 0.36 point, or 0.01%, to 2648.36.
"The first two days of 2012 have been a microcosm of what we saw
in 2011: risk on and risk off," said John Carey, portfolio manager
at Pioneer Investments. "We're in that funny period where we don't
have much in the way of concrete corporate news. People are
clutching at straws in the absence of corporate earnings."
Alcoa rose 22 cents, or 2.4%, to $9.45 and Microsoft gained 64
cents, or 2.4%, to 27.40, to pace the Dow's gains.
Verizon Communications shed 52 cents, or 1.3%, to 39.21. The
telecommunications company reported it sold 4.2 million iPhones in
the fourth quarter, a quarterly record for the wireless
carrier.
Encouraging results from some auto makers helped buoy sentiment.
Ford Motor reported a 10% year-over-year increase in vehicle sales
for December while General Motors reported a 4.6% gain. For all of
2011, Ford sales increased 11% and GM's rose 13%. Both auto makers
see sales gains intensifying in 2012.
Ford rose 17 cents, or 1.5%, to 11.30. GM advanced 10 cents, or
0.5%, to 21.15.
Meanwhile, European markets pulled back from the recent string
of gains amid concerns over liquidity among euro-zone banks.
Overnight deposits at the European Central Bank reached an all-time
high, suggesting banks remain more willing to park money at the ECB
than to lend to other banks.
"We went one whole day without thinking too much about Europe,
but now it's back on the table," said Dean Junkans, chief
investment officer for Wells Fargo Private Bank. "Some days it
looks like a resolution is nearing. Other days, fresh concerns or
fears surface. This is going to be a long process. You don't solve
decades of overspending in a few months."
In addition, Spanish bond yields rose. A report in Spain's
Expansion newspaper said the government is considering applying for
loans from the European Union's rescue fund and the International
Monetary Fund as it moves to restructure Spain's banking
sector.
The Stoxx Europe 600 slipped 0.6% after rising 4.5% over the
previous four sessions. Asian bourses were mixed, with Japan's
Nikkei Stock Average gaining 1.2% on its first trading session of
2012, while China's Shanghai Composite shed 1.4%.
On the economic front, U.S. factory orders rose for the first
time in three months in November on stronger demand for aircraft
and other goods. Orders increased 1.8%, according to the Commerce
Department. Economists had forecast a 2.1% jump.
Separately, TrimTabs Investment Research forecast that only
38,000 new jobs were added last month, well below the median
forecast of 155,000 jobs that economists are expecting in Friday's
nonfarm payrolls report.
In corporate news, Yahoo named Scott Thompson, the president of
eBay's PayPal division, as its new chief executive. The appointment
comes after the Internet company fired its previous CEO, Carol
Bartz, in September. Interim CEO Tim Morse will resume his role as
chief financial officer. Shares shed 50 cents, or 3.1%, to
15.78.
Netflix said its members watched more than 2 billion hours of TV
shows and movies through its streaming service during the fourth
quarter. Shares rose 8.21, or 11%, to 80.45.
Liz Claiborne will rebrand itself as Fifth & Pacific Cos. as
it moves past the iconic brand and focuses on Juicy Couture, kate
spade and Lucky Brand. The stock increased 80 cents, or 9.3%, to
9.41.
TiVo jumped 90 cents, or 10%, to 9.82, after AT&T agreed to
pay the set-top box maker at least $215 million to settle
litigation. AT&T also acquired rights to use TiVo's
intellectual property.
Acme Packet fell 6.11, or 19%, to 25.70, after the networking
company provided a fourth-quarter earnings and revenue outlook that
fell well below analyst forecasts. Acme cited uncertainty in the
North American service-provider market.
LCA-Vision surged 1.09, or 36%, to 4.17. The
laser-vision-correction-services company said the number of
procedures performed in the fourth quarter rose 30% over the same
period a year earlier.
Life Partners Holdings slumped 1.10, or 17%, to 5.27. The
insurer said a lawsuit had been filed against it and three top
executives by the Securities and Exchange Commission, alleging
disclosure and accounting fraud.
-By Steven Russolillo and Tomi Kilgore, Dow Jones Newswires;
212-416-2180; steven.russolillo@dowjones.com
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