Wall Street - U.S. stocks edge lower; GM, Wal-Mart, weak data weigh - UPDATE 5
NEW YORK (AFX) - U.S. stocks edged lower Tuesday, with a disappointing
December sales update from Wal-Mart and a price target cut on General Motors
Corp weighing on the Dow Jones Industrial Average.
Weaker-than-expected data and a rise in crude-oil prices was also hurting
sentiment.
The Dow Jones Industrial Average was off a morning high of 10,768.01, down
16 points at 10,701.
The Nasdaq was off 8 points at 2,197, while the S&P 500 Index put in a
fractional loss, down 0.3 point at 1,248.
"You have crude prices rising and you have a lot of people selling the
market into that news," said John O'Brien, head of sales trading at KeyBanc
Capital. O'Brien said the market was also hit by the weaker-than-expected data.
Initial session gains, said O'Brien, came on strength in some overseas
markets and postive comments from economists and market strategists on the
outlook for 2006.
Tobias Levkovich, equity strategist at Citigroup, was one of market players
of note to offer his thoughts on the year ahead.
"An end to Fed rate hikes, benign inflation, more acceptable energy prices,
higher capital spending, decent job growth, and potentially some better news out
of Iraq should benefit the equity markets," in 2006 said Levkovich.
He holds a "conservative" year-end 2006 target of 1,400 for the S&P 500 and
11,900 for the Dow.........