US: Wall Street ends mixed following days of losses

WALL Street stocks closed mixed on Tuesday with the S&P 500 notching a new low for the year.

The results came after five straight days of declines, as US markets continue their slog through a punishing year in which soaring inflation has forced the US Federal Reserve to enact drastic interest rate increases.

“The moves come as investors remain focused on recent monetary policy decisions around the world, which have elevated recession concerns,” Charles Schwab analysts said.

Government data released on Tuesday showed that orders for big-ticket US-manufactured goods slipped in August but US new home sales surged – an increase that economists were skeptical could be sustained.

The consumer confidence index meanwhile jumped nearly five points in September to 108.0, the second straight monthly gain, according to The Conference Board, as worries about high inflation receded.

The major US stock indices climbed early in the session before falling.

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The Dow Jones Industrial Average finished down 0.4 per cent at 29,134.99 and the broad-based S&P 600 shed 0.2 per cent to close at 3,647.29. But the tech-rich Nasdaq Composite Index climbed 0.3 per cent to 10,829.50. AFP