NEW YORK, Feb 28 — Wall Street stocks were little changed in early trading today following a solid US economic growth report and tepid Chinese factory data.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 per cent to 28,022.52.
The broad-based S&P 500 slipped less than 0.1 per cent to 2,791.65, while the tech-rich Nasdaq Composite Index dropped 0.1 per cent to 7,549.76.
US economic growth in the final quarter of 2018 came in at 2.6 per cent, above the 2.3 per cent foreseen by analysts, and gave a reassuring view of conditions following disappointing holiday sales.
But China’s manufacturing activity shrank for a third straight month in February, sinking to its worst performance in three years as that country’s economy slows and the US trade war bites.
US stocks have essentially traded sideways all week, shrugging off a range of news developments, including Thursday’s abrupt finish to US-North Korea nuclear talks without a deal.
Analysts have said stocks could continue to move in a directionless fashion until there is a clear catalyst, such as a final US-China trade deal.
Among individual companies, Celgene dropped 6.2 per cent on doubts about its proposed takeover by Bristol-Myers Squibb after Wellington Management, which holds about eight per cent of Bristol-Myers, came out against the transaction.
Bristol-Myers advanced 1.1 per cent.
Tesla Motors advanced 0.9 per cent after Chief Executive Elon Musk said the company would have an announcement later today. — AFP
