Stocks are flat in early trading on Wall Street

Published on NewsOK Modified: December 14, 2012 at 9:29 am •  Published: December 14, 2012
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NEW YORK (AP) — Major stock indexes are mixed in early trading Friday after a drop in U.S. consumer prices and a strong survey of Chinese manufacturing failed to excite investors.

The Dow Jones industrial average edged up five points at 13,176 a half hour after the opening bell.

Adobe jumped 7 percent after the maker of Photoshop editing software and other applications reported results that beat analysts' expectations. More subscribers for its online Creative Cloud online service helped drive revenue and earnings up. Adobe's stock gained $2.23 to $37.76.

The Standard & Poor's 500 index edged down 4 points to 1,416 while the Nasdaq composite dipped 15 points to 2,976.

Of the 10 industries in the S&P 500 index, technology and energy stocks are down the most.

The Labor Department said a steep fall in gas prices pushed down a measure of consumer prices last month. The consumer price index edged down 0.3 percent in November from October. Gas prices sank 7.4 percent, the biggest drop in nearly four years. Consumer prices have risen 1.8 percent over the past year.

The report helped nudge up prices for U.S. government debt, pushing yields down. The yield on the 10-year Treasury note slipped to 1.71 percent, down from 1.73 percent late Thursday. When inflation is weak, it suggests that interest rates are unlikely to jump, and bond prices unlikely to drop, anytime soon.

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