Tuesday, October 11, 2011
US stocks mixed ahead of earnings season
US stocks drifted to a mixed finish overnight ahead of the start of company earnings season and a key vote in Slovakia that could block the eurozone's rescue fund amid a sovereign debt crisis. The Dow Jones Industrial Average fell 16.80 points (0.15 per cent) to 11,416.38 in closing trade. The broader S&P 500 edged up 0.66 point (0.06 per cent) to 1,195.55, while the tech-heavy Nasdaq Composite gained 16.98 points (0.66 per cent) to 2,583.03. After the closing bell, Slovak lawmakers rejected the Eurozone's revamped European Financial Stability Facility (EFSF) rescue fund. The make-or-break vote came after the 16 other eurozone members approved changes to revamp the 440 billion euro ($A603 billion) EFSF, set up in May 2010 after Greece was bailed out to save it from default. Briefing.com analysts cited "lacklustre trade" a day after powerful rallies had lifted the major indexes by roughly three per cent. "The action, or arguably inaction, precedes the unofficial start of earnings season tonight," with Alcoa the first Dow component to report quarterly results after the market closes, they said.