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THURSDAY, NOVEMBER 26, 2009
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Mixed News Keeps Gains Slim

Markets absorb gloomy Fed data and continued oil drop

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(Newser) – The markets pared earlier gains to end just slightly positive today, amid mixed earnings reports and a gloomy-but-expected Federal Reserve data on the US economy, the Wall Street Journal reports. The Dow gained 29.88, closing at 11,632.38. The Nasdaq gained 21.92, settling at 2,325.88, while the S&P 500 fell 5.19 to 1,282.19.

The Fed’s beige book said US economic activity slowed in June and July, but did not provoke much reaction from traders. Oil continued a weeklong slide, falling almost $4 to 124.44. In earnings, Pfizer and AT&T rose on strong second-quarter reports, while McDonald’s and Boeing fell after reporting troubles. Homebuilders also surged on the news President Bush would sign the Fannie/Freddie bailout plan.

In this July 2, 2007 file photo, the sign on the top of the AT & T building in downtown Cleveland, Ohio, shines through fireworks being set off over Jacobs Field.
In this July 2, 2007 file photo, the sign on the top of the AT & T building in downtown Cleveland, Ohio, shines through fireworks being set off over Jacobs Field.   (AP Photo/Amy Sancetta)
Traders work on the floor of the New York Stock Exchange in this undated file photo.
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Jin Lee)
The American flag is seen reflected in the Pfizer world headquarters building, Tuesday, July 22, 2008 in New York.
The American flag is seen reflected in the Pfizer world headquarters building, Tuesday, July 22, 2008 in New York.   (AP Photo/Mary Altaffer)
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