Investing.com - U.S. stocks opened mixed on Friday, after the release of a string of disappointing U.S. economic reports, while expectations that the Federal Reserve will maintain the current level of its monthly asset purchases for the time being still supported equity markets.
During early U.S. trade, the Dow Jones Industrial Average added 0.10%, the S&P 500 index eased up 0.05%, while the Nasdaq Composite index fell 0.15%.
In a report, the Federal Reserve of New York said its maufacturing activity index declined to minus 2.2 in November, from a reading of 1.5 the previous month, confounding expectations for a rise to 5.
A separate report showed that U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.
In addition, official data showed that industrial production in the U.S. ticked down 0.1% in October, disappointing expectations for a 0.2% rise, after an upwardly revised 0.7% increase in September.
The data came after Fed Chair nominee Janet Yellen on Thursday defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
The financial sector was active, after Moody’s Investors Service cut its ratings on four of the biggest U.S. banks after deciding the government would be less likely to help them repay creditors in a crisis.
Morgan Stanley, Goldman Sachs, JPMorgan Chase and Bank of New York Mellon had their senior holding company ratings lowered one level on Thursday. Despite the news, the four lenders respectively rose 0.14%, 0.43%, 0.09% and 0.24%.
Adding to gains, Berkshire Hathaway edged up 0.10% after reporting a stake in Exxon Mobil valued at about USD3.7 billion, as Warren Buffett’s company disclosed its largest new holding since International Business Machines in 2011.
Following the news, Exxon Mobil rallied 1.23%.
Elsewhere, Comcast, up 0.01%, was said to be planning to begin selling movies over its cable service before the end of the year. Film sales would add to Comcast’s on-demand service, which currently lets viewers rent movies, not own them.
On the downside, Google slipped 0.14% after a federal judge in New York on Thursday ruled that the Google Books project doesn’t violate copyright law, dismissing an eight-year-old lawsuit against the search-engine company.
Across the Atlantic, European stock markets were mixed to higher. The EURO STOXX 50 fell 0.12%, France’s CAC 40 added 0.10%, Germany's DAX edged 0.11% higher, while Britain's FTSE 100 rose 0.18%.
During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.69%, while Japan’s Nikkei 225 Index rallied 1.95%.
During early U.S. trade, the Dow Jones Industrial Average added 0.10%, the S&P 500 index eased up 0.05%, while the Nasdaq Composite index fell 0.15%.
In a report, the Federal Reserve of New York said its maufacturing activity index declined to minus 2.2 in November, from a reading of 1.5 the previous month, confounding expectations for a rise to 5.
A separate report showed that U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.
In addition, official data showed that industrial production in the U.S. ticked down 0.1% in October, disappointing expectations for a 0.2% rise, after an upwardly revised 0.7% increase in September.
The data came after Fed Chair nominee Janet Yellen on Thursday defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
The financial sector was active, after Moody’s Investors Service cut its ratings on four of the biggest U.S. banks after deciding the government would be less likely to help them repay creditors in a crisis.
Morgan Stanley, Goldman Sachs, JPMorgan Chase and Bank of New York Mellon had their senior holding company ratings lowered one level on Thursday. Despite the news, the four lenders respectively rose 0.14%, 0.43%, 0.09% and 0.24%.
Adding to gains, Berkshire Hathaway edged up 0.10% after reporting a stake in Exxon Mobil valued at about USD3.7 billion, as Warren Buffett’s company disclosed its largest new holding since International Business Machines in 2011.
Following the news, Exxon Mobil rallied 1.23%.
Elsewhere, Comcast, up 0.01%, was said to be planning to begin selling movies over its cable service before the end of the year. Film sales would add to Comcast’s on-demand service, which currently lets viewers rent movies, not own them.
On the downside, Google slipped 0.14% after a federal judge in New York on Thursday ruled that the Google Books project doesn’t violate copyright law, dismissing an eight-year-old lawsuit against the search-engine company.
Across the Atlantic, European stock markets were mixed to higher. The EURO STOXX 50 fell 0.12%, France’s CAC 40 added 0.10%, Germany's DAX edged 0.11% higher, while Britain's FTSE 100 rose 0.18%.
During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.69%, while Japan’s Nikkei 225 Index rallied 1.95%.