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Wall Street ends flat

Tuesday, May 16, 2017 - 01:28

Tech stocks drove the Nasdaq to a record high, but mixed economic data and earnings pressured the markets. Fred Katayama reports.

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Mixed earnings and economic data pushed Wall Street lower. But gains in technology stocks drove the Nasdaq to a record high. Vespula Capital's Jeff Tomasulo. SOUNDBITE: JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "We've been in a range I would say the last three months. We haven't really moved at all. So when we look at the markets, we're saying to ourselves, well what is going to be the catalyst that will drive this market higher. And right, now, we can't see any." Home Depot bucking the trend in retail. Shares shot higher after the home improvement retailer's rising quarterly profit and same-store sales handily beat estimates. Office supply store chain Staples tumbled. Its comparable-store sales fell. Shares of the parent of T.J. Maxx and Marshalls also fell. TJX posted its slowest same-store sales growth in more than 10 quarters. Ford shares dipped. A source says the automaker will cut 10 percent of its salaried workforce in North America and Asia. Pfizer's shares retreated after Citigroup cut their rating to "sell" from "neutral." It says the Justice Department's ongoing probes could impede industry returns. In economics news, U.S. housing starts unexpectedly dropped in April. That data sent Treasury yields lower. But factory production surged by the most in three years. That bolsters the view that economic growth picked up in the second quarter despite the setback in homebuilding. In Europe, Vodafone's positive outlook drove the FTSE 100 to a record high. But most markets ended flat.

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Wall Street ends flat

Tuesday, May 16, 2017 - 01:28