(MENAFN- ProactiveInvestors) Wall Street erased losses in the last half-hour of trading today though the main indexes stayed on track for weekly losses. The S&P 500 (INDEXSP:.INX) rose 0.2 percent to 2062 at 3:51 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.2 percent while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) was little changed.
Volumes were light in a holiday-shortened week exaggerating stock-market moves. The stock market was closed yesterday for the New Year’s holiday.
In economic data the Institute for Supply Management’s factory index dropped to a six-month low of 55.5 from 58.7 in November a report from the Tempe Arizona-based group showed. The reading in October matched a three-year high.
Separate data showed construction spending fell in November for the first time since June.
A Chinese manufacturing measure slipped to the lowest level in 18 months adding pressure on policy makers to do more to support economic growth according to data released yesterday by the statistics bureau and the China Federation of Logistics and Purchasing in Beijing.
In Europe equities closed mainly in the red after eurozone manufacturing data for December didn’t match up to estimates. Earlier stocks in Europe had risen after European Central Bank President Mario Draghi hinted the bank is moving closer to launching a full-scale quantitative-easing program.
But Draghi’s comments dented the euro which traded near the lowest level in more than four years while the dollar jumped against most major currencies touching a nearly-nine-year high.
() fell 1.6 percent to $24.89 and PulteGroup slumped 1.8 percent to $21.08 as an S&P index of homebuilders lost 1.8 percent.
() jumped 12 percent to $11.35 after the oil and natural gas partnership that’s lost almost 70 percent of its value in six months slashed its dividend and production budget by more than half to weather weak crude prices.
Pacific Ethanol (NASDAQ:PEIX) gained 6 percent to $10.95 after agreeing to buy Aventine Renewable Energy Holdings (OTCMKTS:AVRW) for about $190 million in stock. Aventine rose 11 percent to $13.50.
In metals gold futures for February delivery rose 0.2 percent to close at $1186.20 an ounce. Gold dropped 1.5 percent last year.
In energy West Texas Intermediate for delivery in February fell 1.1 percent to close at $52.69 a barrel the lowest finish since April 2009. February Brent crude on London’s ICE Futures exchange remained 13 cents lower at $56.29 a barrel a loss of 0.2 percent. WTI crude lost 46 percent through 2014 and Brent crude lost 48 percent.
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