Markets: Manufacturing contraction weighs on Wall Street
Equity markets were mixed as a worse than expected contraction in New York area manufacturing activity boosted investor hope of further stimulus measures.
Tech stocks rallied with the tech-heavy Nasdaq Composite Index increasing 0.5 per cent to 3,030.93, with JDSU leading the way.
Optical networking equipment maker JDSU climbed 8.2 per cent to $11.56 (£7.38) as investors were buoyed by its quarterly results, which were in line with analysts’ estimates.
Cisco, one of the top ten weighted companies in the Nasdaq Composite index, added as much as 5 per cent, driving the stock up to $18.19 (£11.62) in extended trading after the company’s fourth-quarter earnings per share of 47 cents beat investors’ expectations.
The S&P 500 added 0.1 per cent to 1,405.53 while the Dow Jones Industrial Average fell 0.1 per cent to 13,164.78.
Apple, the most heavily weighted stock in the S&P 500 and the Nasdaq Composite, dropped 0.1 per cent to $630.83 (£403) while Facebook gained 4 per cent to $21.20 (£13.54).
The consumer discretionary was the strongest performer of the 10 S&P sectors, rising 0.4 per cent despite Staples’ weak performance.
Clothing brand Abercrombie & Fitch led gains, jumping 9 per cent to $35.23 (£22.51) after beating earnings expectations.