The
Standard & Poor’s 500 Index closed little changed as consumer
shares led an advance, offsetting fresh signs of weakness in crude oil
and corporate earnings after economic data in China helped ease some
investor concern over a hard landing there.
The
Standard & Poor’s 500 Index gained less than 0.1 percent to
1,881.35 at 4 p.m. in New York, after a whipsaw session that saw the
gauge rise as much as 1.1 percent and fall 0.8 percent.
In
contrast to U.S. shares, European and Asian stocks rose amid
speculation of further Chinese state aid after a report showed gross
domestic product in the world’s second-largest economy expanded 6.9
percent in 2015, just shy of the government’s 7 percent target, and the
least since 1990.
The
last time the RSI slipped below that level was on Jan. 13, the day
before a 1.7 percent rally. The time prior to that was on Aug. 25, when
the S&P 500 hit a bottom and rallied 6.5 percent over the next three
days.
Corporate
earnings are gathering more attention with investors weighing the
health of the U.S. economy. Analysts project profits for index members
fell 7 percent in the fourth quarter.
Source: Bloomberg
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