U.S. stocks were little changed, with the Standard & Poor’s 500 Index poised for a four-month rally, as the economy grew less than forecast at the end of 2012 and jobless claims fell more than estimated last week.
Limited Brands Inc. (LTD), the owner of Victoria’s Secret chain, rose 3.1 percent after profit jumped. J.C. Penney Co. (JCP) tumbled 19 percent after saying its net loss widened to $552 million. Sears Holdings Corp. (SHLD), the retailer controlled by hedge-fund manager Edward Lampert, slumped 5.9 percent after posting a fourth- quarter loss that was larger than it forecast.
The S&P 500 (SPX) rose 0.1 percent to 1,517.13 at 11:04 a.m. in New York. The index has risen 1.3 percent this month. The Dow Jones Industrial Average added 2.27 points, or less than 0.1 percent, to 14,077.64. The measure is less than 1 percent away from its October 2007 (INDU) record. Trading in S&P 500 companies was about 20 percent below the 30-day average at this time of day.
“There were no real surprises here,” E. William Stone, chief investment strategist at PNC Wealth Management in Philadelphia, said in a telephone interview. His firm manages about $115 billion. “The economic numbers tell you that the pace of recovery is still sluggish. But they also give you signs that the recovery may be more durable.”
Gross domestic product grew at a 0.1 percent annual rate, up from a previously estimated 0.1 percent drop, revised figures from the Commerce Department showed. Economists predicted a 0.5 percent gain. Jobless claims fell to 344,000 in the week ended Feb. 23. The median forecast called for 360,000 applications. Business activity in the U.S. unexpectedly expanded in February at the fastest pace in almost a year.
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Limited Brands Inc. (LTD), the owner of Victoria’s Secret chain, rose 3.1 percent after profit jumped. J.C. Penney Co. (JCP) tumbled 19 percent after saying its net loss widened to $552 million. Sears Holdings Corp. (SHLD), the retailer controlled by hedge-fund manager Edward Lampert, slumped 5.9 percent after posting a fourth- quarter loss that was larger than it forecast.
The S&P 500 (SPX) rose 0.1 percent to 1,517.13 at 11:04 a.m. in New York. The index has risen 1.3 percent this month. The Dow Jones Industrial Average added 2.27 points, or less than 0.1 percent, to 14,077.64. The measure is less than 1 percent away from its October 2007 (INDU) record. Trading in S&P 500 companies was about 20 percent below the 30-day average at this time of day.
“There were no real surprises here,” E. William Stone, chief investment strategist at PNC Wealth Management in Philadelphia, said in a telephone interview. His firm manages about $115 billion. “The economic numbers tell you that the pace of recovery is still sluggish. But they also give you signs that the recovery may be more durable.”
Gross domestic product grew at a 0.1 percent annual rate, up from a previously estimated 0.1 percent drop, revised figures from the Commerce Department showed. Economists predicted a 0.5 percent gain. Jobless claims fell to 344,000 in the week ended Feb. 23. The median forecast called for 360,000 applications. Business activity in the U.S. unexpectedly expanded in February at the fastest pace in almost a year.
For more Information Plz log on to www.rpshares.com
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