US STOCKS-Wall Street ekes out gain on banks, materials

Thu Jul 9, 2009 9:43pm BST
[-] Text [+]

* Shares of healthcare, staples companies down

* Goldman drives banks after broker comment

* Dow up 0.1 pct; S&P 500 up 0.4 pct, Nasdaq up 0.3 pct

* For up-to-the-minute market news click [STXNEWS/US] (Updates with volume)

By Edward Krudy

NEW YORK, July 9 (Reuters) - U.S. stocks edged higher on Thursday as investors bought beaten-down technology and commodity shares, while a positive broker comment on Goldman Sachs boosted the financial sector.

Trading was choppy in light volumes for most of the day as investors remained cautious ahead of more corporate earnings reports in the coming weeks. Alcoa Inc (AA.N: Quote, Profile, Research) set a positive tone when it kicked off the earnings season with a smaller-than-expected loss after the bell on Wednesday.

The Dow industrials closed just above break-even as shares of healthcare and consumer staples companies weighed. Merck & Co Inc (MRK.N: Quote, Profile, Research) fell 3.7 percent to $27.01 on speculation its Zetia cholesterol drug fared poorly in a clinical trial comparing it to a drug from Abbott Laboratories (ABT.N: Quote, Profile, Research).[ID:nN09448920]. Merck was the biggest weight on the Dow.

Sentiment remained cautious ahead of the release of more U.S. corporate earnings, said Kurt Brunner, portfolio manager at Swarthmore Group in Philadelphia.  Continued...

 
AA.N
Last:
Change:
Up/Down:
 
by Name by Symbol