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U.S. stocks were little changed
U.S. stocks were little changed amid concern the biggest first-quarter rally since 1998 has outpaced prospects for economic growth. Data showed that purchases of previously owned U.S. houses dropped 0.9 percent to a 4.59 million annual rate from a revised 4.63 million pace in January that was faster than previously estimated, a report from National Association of Realtors showed today in Washington.
Dow 13,147.14 -23.05 -0.18%, Nasdaq 3,081.71 +7.56 +0.25%, S&P 500 1,404.86 -0.66 -0.05%
Hewlett-Packard (HPQ) slid 2.3 percent, the most in the Dow Jones Industrial Average. The company will combine its personal-computer unit with the division that sells printers into a group led by Todd Bradley, who ran the PC business, to help cut expenses amid declining sales and profit.
Energy companies in the Standard & Poor’s 500 Index lost 1 percent for the biggest drop among 10 groups. Baker Hughes tumbled 5,19 percent after the oilfield-services provider said it expects operating profit for the first quarter to fall.
Morgan Stanley and Citigroup decreased on 1.57 and 1.3 percent to pace losses in financial shares.
LinkedIn Corp. rose 7.9 percent to $99.13. The biggest professional-networking website was raised to buy from neutral at Goldman Sachs Group Inc.
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