US stocks open lower but GM surges on good outlook

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on January 10, 2019 in New York. — AFP pic
Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on 10, 2019 in New York. — AFP pic

NEW YORK,Jan 11 — stocks declined in early trading today following tepid US data, while General Motors surged on a strong profit forecast.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 23,875.88, down 0.5 per cent.

The broad-based S&P 500 and tech-rich Nasdaq Composite Index also shed 0.5 per cent, with the former at 2,583.66 and the latter at 6,951.19.

The Consumer Price Index, which tracks costs for household goods and services, fell by 0.1 per cent last month from November, the first decline since March, as falling fuel prices masked steady gains in food and shelter costs.



The new figures confirm the view of Federal Reserve bankers that they can hold off on raising interest rates again anytime soon in the absence of inflation pressure.

have risen the last five sessions on dovish reassurances from Fed officials and hopes over US- trade talks will yield a deal. Still, some analysts say stocks could be primed to retreat after the strong run due to technical factors.

Among individual companies, General Motors surged 7.0 per cent after forecasting better-than-expected profits for 2018 and 2019 following job cuts announced in December. — AFP

Source: The Malay Mail Online





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