By Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks switched between small
gains and losses on Wednesday, after dipping at the open on weak
reports for durable-goods orders and the economy's first-quarter
performance.
The S&P 500(SPX) edged up 2 points, or 0.1%, to 1,952, while
the Dow Jones Industrial Average(DJI) tacked on 12 points, or 0.1%,
to 16,830.
The S&P 500 and Dow have closed lower for two straight
sessions, pulling back from record closing levels on Friday.
The Nasdaq Composite(RIXF) gained 8 points, or 0.2%, to 4,358.
On Tuesday, stocks closed lower following a late afternoon swoon,
with the Dow shedding 119 points as some analysts blamed escalating
violence in Iraq for the drop.
Orders for durable goods fell 1% in May, the Commerce Department
said Wednesday. That was below the 0.5% expected by economists
surveyed by MarketWatch.
In addition, the U.S. economy shrank by a 2.9% annual pace in
the first quarter instead of 1% as previously reported, marking the
biggest decline since early 2009 when the Great Recession was
winding down. The economy has strengthened since the first quarter
that was ravaged by an unusually harsh winter, with growth
projected to rise roughly 3% in the second quarter, which ends
Monday.
Investors knew the GDP report would "stink, but not this much,"
said Naeem Aslam, chief market analyst at Ava Trade, in emailed
comments. But he said he expects "payback" in the current quarter,
meaning "a strong reading."
Among individual stocks, Valero Energy Corp.(VLO) slid 9%,
faring worst among S&P 500 stocks. Monsanto Co. (MON) performed
best, climbing 5% after the company trounced profit estimates,
raised its full-year outlook and announced a $10 billion stock
buyback program. (Read more in our Movers & Shakers column
http://www.marketwatch.com/story/monsanto-barnes-noble-jump-general-mills-down-2014-06-25.)
In other markets, Japan's Nikkei Average fell 0.7%, along with
other Asian stock markets. In Europe, the Stoxx Europe 600 pulled
back.
U.S. benchmark crude-oil futures(CLQ4) rose, while gold futures
(GCQ4) fell.
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