US stocks mixed, rally slightly on Fed minutesBy DPA, IANS
Tuesday, January 4, 2011
NEW YORK - US stocks posted mixed results Tuesday, rallying later in the trading session after fresh signs that the Federal Reserve is still backing monetary stimulus.
Minutes of the central bank’s Dec 14 meeting showed that members believed the US economy had not picked up enough to halt a 600-billion-dollar purchase of Treasury securities that began in November.
The price of gold, meanwhile, dipped more than 3 percent to $1,378.80 as investors booked their winnings from record highs reached over the last few weeks.
The Dow Jones Industrial Average added 20.43 points, or 0.18 percent, to 11,691.18. The broader Standard & Poor’s 500 Index slipped 1.67 points, or 0.13 percent, to 1,270.2. The technology-heavy Nasdaq Composite Index fell 10.27 points, or 0.38 percent, to 2,681.25.
The US currency rose against the euro to 75.16 euro cents from 74.87 euro cents Monday. The dollar climbed against the Japanese currency to 82.02 yen from 81.72 yen.