Asia stocks rise as Wall Street flirts with highs

Published on NewsOK Modified: January 28, 2013 at 11:05 pm •  Published: January 28, 2013
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There will plenty of fresh data from the U.S. to drive trading this week, including retail sales, economic growth and the government's report on hiring and employment in January, which is due out Friday. More than one-fifth of the companies in the S&P 500 will report fourth-quarter earnings this week. Moreover, the Federal Reserve's policy committee begins a two-day meeting that concludes Wednesday.

Strong corporate earnings helped push the S&P 500 above 1,500 Friday, the first time in more than five years. The breakthrough happened on an eighth straight daily gain for stocks, itself a remarkable performance. That is the longest winning streak since November 2004.

But stocks cooled off by Monday. A report showed that orders for long-lasting goods rose in December by 4.6 percent, which was encouraging news about manufacturing, but stocks fell later after a disappointing report on the pace of home sales.

The Dow Jones industrial average closed down or 0.1 percent at 13,881.93. The S&P 500 fell 0.2 percent to 1,500.18. The Nasdaq composite index added 0.2 percent to 3,154.30.

Benchmark oil for March delivery was up 26 cents to $96.70 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 56 cents to finish at $96.44 a barrel on the Nymex on Monday.

In currencies, the euro fell slightly to $1.3454 from $1.3456 from late Monday in New York. The dollar fell to 90.77 yen from 90.79 yen.

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Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

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