Wall Street mixed on earnings, data
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United States stocks closed mixed after weak US manufacturing data offset earnings from several leading companies that bested earnings estimates and as investors welcomed news that China may enact new economic stimulus policies.
The Dow Jones Industrial Average rose 22.19 points, or 0.14%, to close at 15,567.74 points, having earlier in the session touched a fresh intra-day high of 15,604 points.
The broad-based S&P 500 closed down 3.14 points, or 0.19%, to 1,692.39 points.
The tech-rich Nasdaq Composite Index closed down 21.11 points, or 0.59%, to 3,579.27 points.
Markets were weighed by a reading on manufacturing activity from the Richmond Federal Reserve showed activity in the central Atlantic region slipped in July, falling to -11 from a reading of seven in June.
Analysts said the reading was a surprise, and a negative one at that.
Several leading companies, including Dow components DuPont, United Technologies and Travelers, reported profits that exceeded analyst expectations. Yet revenues lagged forecasts at both DuPont and United Technologies, as well as at a number of smaller companies.
Several leading companies report after the market closes, including Apple and AT&T.
Global markets were cheered after Chinese state media quoted Chinese Premier Li Keqiang as saying economic growth must stay above the "bottom line" of seven%. Analysts saw the remarks as implying more economic stimulus was forthcoming.
Concerns about a Chinese economic slowdown have crimped investor sentiment worldwide. Several leading European and Asian stock indices rose following Li's remarks.
Bond prices fell. The yield on the 10-year US Treasury bond rose to 2.53% from 2.49% Monday, while the 30-year rose to 3.60% from 3.56%. Bond prices and yields move inversely.
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