Stocks turn mixed at midday ahead of economic data
7/29/2014NEW YORK — Major stock indexes were mixed in midday trading as investors waited for a series of key economic reports from the United States and China later in the week.
The Dow Jones industrial average eased less than one point to 16,983 as of 12:12 p.m. Eastern time today. The Standard & Poor’s 500 index slipped one point to 1,977. The Nasdaq, meanwhile, rose eight points to 4,453.
Telecom companies rose the most among the 10 industry groups in the S&P 500. Traders plowed into a range of telephone and cable stocks. The moves come after Windstream Holdings announced plans to move some of its network into a trust that won’t pay income tax. Both Windstream and Frontier Communications jumped 12 percent to lead the S&P 500.
On Wednesday, the United States will release gross domestic product figures for the April-June quarter. The world’s largest economy is expected to pick up after severe winter dampened growth the previous quarter. Also Wednesday, the Federal Reserve is scheduled to issue a statement after wrapping up a two-day policy meeting.
On Thursday, a report on China’s manufacturing industry will give investors an update on the health of the world’s factory floor. On Friday, the U.S. will release its monthly jobs data. Analysts estimate that the U.S. labor market added between 235,000 and 255,000 jobs in July.