Stocks on Wall Street cleared early gains and closed just above the flatline after the Department of Commerce released an upbeat third-quarter US GDP report, followed by a drop in the nation’s consumer confidence for November.
The Standard & Poor’s 500 index closed 0.11% lower to 2,067.18, while the Dow Jones Industrial Average slid 0.02% lower to 17,815.20 and Nasdaq technology index gained 0.07% to 4,758.25 at the time of writing.
A report released by the US Department of Commerce on Tuesday revealed that the world’s largest economy expanded at an annualized rate of 3.9% in the third quarter, while analysts forecasted a decline of 3.3%.
The US housing data showed that homes prices in the US remained unchanged in September, up slightly by 0.3% on a monthly basis. Housing prices in 20 cities climbed 4.9% on a yearly basis.
The US Conference Board’s index for November came in at 88.7, falling from the previous reading of 94.5 seen in the previous month.
Stocks in Asia were seen swinging in between losses and gains on Wednesday, as the market digested the upbeat the US GDP report for the third quarter.
The Japanese Nikkei 225 index fell 0.30% lower to 17,354.71 points during the early trading hours, while Tokyo’s Topix index declined 0.19% to 1,406.50 points.
The yen strengthened against the US dollar, trading around 117.80 yen on Wednesday versus 118.40 yen on Tuesday.
The weaker yen dragged exporters lower, with Honda Motor falling by almost 35, while Mazda Motor declined 1.7%, sharp fell 0.7% and Sony was down 1.2%.
Property developers also booked losses, with Mitsubishi Estate losing 1.1%, Daiwa House Industry was down 2% and Sumitomo Realty & Development edged 1.8% lower.
Hong Kong Hang Seng index slumped 0.12% lower to 23,815.04 points, while the Chinese mainland Shanghai Composite added 0.27% to 2,574.57 points.
Some of the nation’s stocks saw gains, with Huatai Securities shares rising by 10% and the nation’s biggest insurer, China Life Insurance jumped 9.8%.
The South Korean Kospi index fell 0.13% to 1,977.65 points, while the Australian S&P/ASX 200 index gained 0.88% to 5,381.60 at the time of writing.
Stocks in the European region opened higher on Wednesday before the UK’s GDP report, which is forecasted to show a 0.7% growth in the third quarter.
Europe’s Euro Stoxx 50 climbed 0.36% to 3,237.48, while Britain’s benchmark FTSE 100 added 0.37% to 6,755.82 at the time of writing. Germany’s DAX 30 index was up 0.59% to 9,919.69 and the French CAC 40 edged 0.24% to 4,392.99.
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