Stocks struggle at start of SeptemberNasdaq edges up, Dow lower as investors await key economic reports.NEW YORK (CNNMoney.com) -- U.S. stock were mixed at the start of trading Tuesday as investors awaited key reports on construction, manufacturing and auto sales. The Dow Jones industrial average (up 119.01 to 13,357.74, Charts) eased 0.1 percent. The Nasdaq composite index (up 2.36 to 2,598.72, Charts) was up 0.4 percent. The Standard & Poor's 500 index (down 0.35 to 1,473.64, Charts) gained 0.2 percent. All three major gauges rallied Friday after comments from Federal Reserve Chairman Ben Bernanke eased concerns about interest rates, and comments from President Bush indicated some help for consumers affected by the subprime mortgage crisis. Markets were closed Monday for Labor Day. But investors were weary Tuesday ahead of the morning's economic reports including the Institute for Supply Management's monthly reading on manufacturing activity, which is expected to show a decline in August to 53 from 53.8 in July, and July's construction spending. Later in the session, U.S. automakers General Motors (Charts, Fortune 500), Ford Motor (Charts, Fortune 500) and Chrysler Group are forecast to post a steep drop in August auto sales, while sales at Japanese rivals such as Toyota Motor (Charts), Honda Motor (Charts) and Nissan (Charts) are forecast to be higher. The results could again leave domestic brands behind the import brands in U.S. sales, as they were for the first time on record in July. Treasury prices were little changed in early trading, leaving the yield on the 10-year note near the 4.53 percent level reached late Friday. The dollar was up against the euro but lower versus the yen in early trading. Oil prices rose 28 cents to $74.32 a barrel in electronic trading, as Hurricane Felix appeared to be on a course that made it less likely to hit major oil facilities in the Gulf of Mexico. |
|