(MENAFN– ecpulse)
U.S. stocks started in red territory at Thursday`s open, a day after the Standard & Poor`s 500 steepest retreat in a couple of months, on conflicting signs from U.S. economic reports.
American equities fluctuated at the opening following the U.S. data, where housing activity in the U.S. expanded in July at a slower-than-expected rate as a rise in new multifamily projects eclipsed a slowdown in single-family properties.
Housing starts climbed 5.9 percent to an 896,000 annualized pace in July from a revised 846,000 rate, which was higher than initially reported. Analysts had expected a rise to 900,000 on a gain of 7.7 percent, following a drop of 9.9 percent in June.
On the other hand, the University of Michigan and Thomson Reuters preliminary sentiment index for August fell to 80.0 from 85.1 in July. Analysts called for a rise to 85.2.
Accordingly The Dow Jones Industrial Average dropped 0.06% or 9.16 to 15103.03 points. The S&P 500 index rose 0.03% or 0.56 points to 1661.88 points. The NASDAQ composite index was 0.12% higher at 3610.40 points. As of 10:24 A.M. ET.
The worst performing sectors within the Dow were the Telecommunications next to Health Care and Basic Materials shares respectively. The S&P 500`s best performing sectors were Technology, Financials and Consumer Services shares respectively.
The U.S. Dollar index which measures the performance of currency against six major currencies including Euro, Pound and Yen rose to trade at 81.21 after it opened the session at 81.15 recording a high of 81.32 and a low of 81.05.
Gold rose to trade at $1365.70 per ounce compared with its opening level at $1362.97 per ounce recording a high of $1374.61 and a low of $1357.75 per ounce.
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