US stocks little changed despite weak economic growth

Jul 30, 2010, 22:37 GMT

New York - US stocks were virtually unchanged Friday, capping a mixed week amid a wealth of earnings reports from top companies and uncertain economic data.

On Friday, the Commerce Department reported the US economy grew at an annual rate of 2.4 per cent in the second quarter, a sharp slowdown from the 3.7-per-cent growth rate in the first three months of 2010 and worse than most economists expected.

The report pushed stocks down in morning trading, but rallied later in the day on more positive data from private research groups.

The blue-chip Dow Jones Industrial Average edged down 1.22 points, or 0.01 per cent, to close at 10,465.94. The broader Standard and Poor's 500 Index climbed just 0.07 points, or 0.01 per cent, to 1,101.60. The technology-heavy Nasdaq Composite Index inched up by 3.01 points, or 0.13 per cent, to 2,254.7.

For the week, the Dow was up 0.4 per cent, the S&P 500 fell 0.1 per cent and the Nasdaq fell 0.65 per cent.

The US currency rose to 76.68 euro cents from 76.47 euro cents on Thursday. The dollar fell against the Japanese currency to 86.46 yen from 86.96 yen the previous day.

US stocks started the week higher on positive earnings from companies like construction equipment maker Caterpillar and delivery firm United Parcel Service.

But the mood soured towards the end of the week on reports of falling consumer confidence and concerns over a weak recovery from the Federal Reserve.