After-effects from the blizzard which had hit the northeast continued as trading volumes remained thin for the second consecutive day and markets closed mixed on Tuesday. Oil prices and energy stocks, nonetheless, moved up primarily due to the blizzard.
The Dow Jones Industrial Average was up 0.18% and closed at 11,575. The S&P 500 rose 0.08% to close at 1,258 and the Nasdaq was down 0.16% to end the day at 2,662. The CBOE Volatility Index (VIX) ended marginally lower by 0.85% to close at 17.52. On the New York Stock Exchange, breadth of the market was negatively biased as 1543 stocks declined and 1440 stocks ended in the green. Trading volumes were on the lighter side.
The day was also marred by some economic data that fell short of expectations. According to the Conference Board, the consumer confidence index slipped lower after two consecutive monthly increases. Also the S&P Case-Shiller home price index reported the 20 city index had dipped 0.8% year over year, lower than economists' forecasts of 0.6%. However, according to the Federal Reserve Bank of Richmond, manufacturing activity in the central Atlantic region inflated at a rapid pace this month. Although the economic data showed little optimism, investors shrugged off any effects arising out of it and remain resilient ahead of the New Year.
Stocks in focus included Chevron CVX and Exxon Mobil XOM both of which touched 52 week highs in day's trade. Chevron rose 1.2% to close at $91.19 and Exxon ended the day at $73.42, up 0.6%. Shares of General Motors GM rose 2.1% after a number of brokerages initiated coverage on the stock with bullish expectations. Both Barclays Capital and Morgan Stanley, rated the stock as “overweight”. MannKind Corp MNKD jumped 3.3% after the company said U.S. regulators need another four weeks to complete an analysis of its experimental diabetes treatment. The news boosted the hopes of investors who had expected the drug would be discarded outright.
On a sectoral basis, metals and mining stocks recouped some of the losses incurred on Monday primarily due to China's interest rate hike. Stocks such as Newmont Mining NEM jumped 2.4%, Titanium Metals TIE rose 1.7% and AK Steel AKS was up 0.6% to close at $61.55, $17.01 and $16.53 respectively.
AK STEEL HLDG (AKS): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
MANNKIND CORP (MNKD): Free Stock Analysis Report
NEWMONT MINING (NEM): Free Stock Analysis Report
TITANIUM METALS (TIE): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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