• Weak China Economic Data and S&P Upgrade Leaves U.S. Stocks Mixed


    NEW YORK, June 10, 2013 (AFP) – US stocks Monday finished the day mixed after Standard & Poor’s raised its outlook for the US debt rating and lackluster economic data out of China.

    At the closing bell, the Dow Jones Industrial Average dropped 11.60 (0.08 percent) to 15,236.52.

    The broad-based S&P 500 slipped 0.67 (0.04 percent) to 1,642.71, while the tech-rich Nasdaq Composite Index added 4.54 (0.13 percent) at 3,473.75.

    Before trade opened S&P upgraded its debt rating outlook for the United States, saying there is now less than a one-in-three chance for a downgrade in the near term.

    S&P cited a somewhat improved US political climate following the year-end 2012 “fiscal-cliff” deal and a US economic environment that should lead the country to “match or exceed its peers in the coming years.”

    Over the weekend, China reported industrial output in May rose by 9.2 percent year-on-year, slightly weaker than the 9.3 percent increase in April.

    China’s fixed asset investment — a key measure of government spending — increased 20.4 percent from January through May compared with last year, slowing from the 20.6 percent gain in the first four months of the year.

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