Wall St. opens 2015 flat as data weighs

For the first trading day of 2015 (and the final trading day of the holiday season) markets were predictably slow and soft, with a little bad news from manufacturing and construction and a little good news from energy, though oil slipped another 58 cents today bringing crude down to 2009 levels.  Still, the overall impact was negligible with the Dow gaining a mere 9.92 points and the S&P slipping less than a point.  The general consensus remains that the economy continues to improve and that we will be seeing still more growth in stocks as 2015 progresses.  Holiday trading remained very light at just over 5 billion shares.  Next week, of course, we're back to normal and a whole new ball game.

Ironically, though I just started this blog yesterday, I will be gone for the weekend so, for the first time in all the months I've been sending out this summary report, there will be no report tomorrow.  Have a good weekend everyone!

Wall St. opens 2015 flat as data weighs

BY chuck mikolajczak

DJ:          17,832.99  +9.92              NAS:      4,726.81  -9.24         S&P:      2,058.20  -0.70

NEW YORK Fri Jan 2, 2015 4:27pm EST

(Reuters) - U.S. stocks closed little changed on Friday in the first trading session of 2015, finishing well off session highs as economic data short-circuited early gains.

In a sign of tepid economic conditions, construction spending unexpectedly fell 0.3 percent in November, while the pace of growth in the U.S. manufacturing sector slipped to a six-month low in December, according to the Institute for Supply Management.

"The data we got out today basically dampened early enthusiasm," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "It's just a little bit of softness but I don’t think it changes the outlook for a stronger economy."

Markets had opened higher in a broad rally, but indexes later lost ground. Volume was light in the wake of the New Year's holiday, which often exacerbates market volatility.

About 5.29 billion shares traded on U.S. exchanges, well below the 6.87 billion average last month, according to BATS Global Markets.

Wall Street had ended the last day of 2014 on a down note, but notched solid gains for the year and fourth quarter.

A 12-day rally of nearly 6 percent through Dec. 29 had sent the S&P 500 to a record high, but the index has lost steam of late to notch its third straight decline. As market participants adjust positions in the new year, they will be questioning whether current levels are justified.

Energy shares gained 0.4 percent, alternating between gains and losses alongside choppy trading in crude oil. Exxon Mobil rose 0.4 percent to $92.83 and Kinder Morgan gained 1.2 percent to $42.81 to lead the sector higher.

U.S. crude settled down 58 cents at $52.69 for its 13th negative week out of the past 14, and is at levels not seen since 2009. Brent crude settled down 91 cents at $56.42 a barrel.

For the week, the Dow closed down 1.2 percent, the S&P off 1.5 percent and the Nasdaq off 1.7 percent.

General Motors shed 0.2 percent to $34.84 after the automaker announced three new vehicle recalls, the biggest involving the ignition-switch design of several SUV and pickup truck models.

The Dow Jones industrial average rose 9.92 points, or 0.06 percent, to 17,832.99, the S&P 500 lost 0.7 points, or 0.03 percent, to 2,058.2 and the Nasdaq Composite dropped 9.24 points, or 0.2 percent, to 4,726.81.

Advancing issues outnumbered declining ones on the NYSE 1,696 to 1,376, for a 1.23-to-1 ratio; on the Nasdaq, 1,555 issues fell and 1,185 advanced for a 1.31-to-1 ratio favoring decliners.

The S&P 500 posted 9 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 60 new highs and 24 new lows.