Stocks inch lower as investors wait on budget

Published on NewsOK Modified: November 30, 2012 at 3:33 pm •  Published: November 30, 2012
Advertisement
;

Ablin says that he expects policy makers to reach a temporary agreement on the budget before year-end, before coming to a "Grand Bargain" next year. He believes improving consumer confidence and rising house prices will underpin the economy and support demand for stocks.

Stocks are higher for the year. The Dow is up 6.5 percent, the S&P 500 index 12 percent. The indexes are on track to end the month little changed.

Americans cut back on spending last month and saw no growth in their income, reflecting disruption from Superstorm Sandy that could hold back economic growth in the final months of the year.

The Commerce Department reported that consumer spending dropped 0.2 percent in October. That's down from an increase of 0.8 percent in September and the weakest showing since May.

The yield on the 10-year Treasury note was little changed at 1.62 percent.

Among stocks making big moves:

—Yum Brands, which owns KFC, Pizza Hut and Taco Bell, fell $7.39 to $67.08. The fast-food operator reported disappointing sales and earnings forecasts. An analyst recommended that investors sell the stock.

—Zynga, the maker of computer games including "Farmville" and "Cityville," fell 16 cents to $2.46 after the company said late Thursday that it was loosening its relationship with Facebook. While the deal frees Zynga from having to use Facebook as the exclusive social site for its games, the company relies on Facebook for most of the revenue it generates even as it works to establish its independence.

—VeriSign plunged $5.19 to $34.15 after the company announced the terms of its new contract to run the key directories that keep track of ".com" domain names. The company won't be allowed to raise prices on the registration of such names without government approval.

—Duke Energy rose $1.43 to $63.82 after the company said its CEO will step down as part of a settlement with the North Carolina utilities regulator that ends an investigation into the company's takeover of in-state rival Progress Energy.



Trending Now


AROUND THE WEB

  1. 1
    It’s harder to be a poor student in the U.S. than in Russia
  2. 2
    Man fatally stabbed in west Tulsa early Sunday
  3. 3
    How brain imaging can be used to predict the stock market
  4. 4
    Bridenstine tours Fort Sill, satisfied with facility's transparency
  5. 5
    10 Most Popular Wedding 'First Dance' Songs
+ show more