US: Stocks mixed, extending choppy week

WALL Street stocks finished mixed on Wednesday, extending a choppy week of trading following government data that upgraded US economic growth in the third quarter.

The world’s biggest economy saw GDP growth of 5.2 per cent at an annual rate in the July to September period, due to higher investment and government spending than originally expected.

The initial estimate put growth at 4.9 per cent.

The Dow Jones Industrial Average finished up less than 0.1 per cent at 35,430.42.

The broad-based S&P 500 slipped 0.1 per cent to 4,550.58, while the tech-rich Nasdaq Composite Index dropped 0.2 per cent to 14,258.49.

Some analysts have warned the market could pull back or go flat following strong gains earlier in November.

“We’re biding some time here,” said Art Hogan of B Riley Wealth Management. “Coming off what we’ve seen, you’re going to need a much larger catalyst to push it higher.”

Among individual companies, General Motors shares surged 9.4 per cent after announcing a US$10 billion “accelerated” share repurchase programme and plans to boost its dividend by 33 per cent.

The US automaker also reinstated its profit outlook after suspending it due to a strike earlier in the fall.

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