Investing.com – U.S. shares closed mixed on Wednesday as a strong financial sector was offset by sharp selling in technology during this light trading pre Christmas session.
At the close of U.S. trade, the Dow Jones Industrial Average gained 0.03%, the S&P 500 moved higher by 0.09% but the Nasdaq Composite index gave back 0.99%.
U.S. shares followed euro zone stocks lower as European Central Bank's largest crisis loan to date was deemed insufficient to stem the credit carnage in the region.
Housing numbers were revised downward adding to the bearish sentiment on the day.
Barry Knapp, from Barclay's told Bloomberg, "What the ECB is doing is just trying to prevent a disorderly deleveraging of bank assets. By no means does it solve the financing problems for Italy or Spain or the banks."
Technology company’s are bracing for slower economic growth and a possible recession in Europe in 2013. This fear combined with Oracle weak earnings sent technology skidding lower on the session.
Hewlett Packard fell 1.81%, Cisco dropped 2.64%, Amazon plunged 4.48%, and Microsoft eased lower by 1.02%
Financial were helped higher by Bank of America's record USD335 million settlement with regulators for its Countrywide mortgage division's misdeeds. Bank of America added 1.16% as closure to the situation spurred buying.
Across the Atlantic, the EURO STOXX 50 dropped by 0.80%, France's CAC 40 fell 0.82%, while Germany's DAX 30 gave back 0.95%. Meanwhile, in the U.K. the FTSE 100 fell 0.55%.
Investors are awaiting U.S. job numbers and Britain's GDP on Thursday
At the close of U.S. trade, the Dow Jones Industrial Average gained 0.03%, the S&P 500 moved higher by 0.09% but the Nasdaq Composite index gave back 0.99%.
U.S. shares followed euro zone stocks lower as European Central Bank's largest crisis loan to date was deemed insufficient to stem the credit carnage in the region.
Housing numbers were revised downward adding to the bearish sentiment on the day.
Barry Knapp, from Barclay's told Bloomberg, "What the ECB is doing is just trying to prevent a disorderly deleveraging of bank assets. By no means does it solve the financing problems for Italy or Spain or the banks."
Technology company’s are bracing for slower economic growth and a possible recession in Europe in 2013. This fear combined with Oracle weak earnings sent technology skidding lower on the session.
Hewlett Packard fell 1.81%, Cisco dropped 2.64%, Amazon plunged 4.48%, and Microsoft eased lower by 1.02%
Financial were helped higher by Bank of America's record USD335 million settlement with regulators for its Countrywide mortgage division's misdeeds. Bank of America added 1.16% as closure to the situation spurred buying.
Across the Atlantic, the EURO STOXX 50 dropped by 0.80%, France's CAC 40 fell 0.82%, while Germany's DAX 30 gave back 0.95%. Meanwhile, in the U.K. the FTSE 100 fell 0.55%.
Investors are awaiting U.S. job numbers and Britain's GDP on Thursday