U.S. stocks trade flat after reaching 18-month-highs

07:54, April 07, 2010      

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U.S. stocks traded flat on Tuesday after rising to new highs in more than 18 months.

The markets opened lower in the morning as investors locked their profit after major indexes surged to the 18-month-highs.

U.S. stocks rallied on Monday, with the Dow Jones Industrial Average approaching 11,000, as more economic data showed U.S. economy was on the mend.

Major indexes climbed higher later in the day after the Federal Open Market Committee released minutes of its March 16 meeting.

The Fed officials stressed the need to make sure record-low interest rates don't feed new speculative bubbles in stocks or other assets.

Information collected by Fed staff hasn't revealed significant threats in the financial markets or widespread high-risk-taking, the minutes concluded.

Assessing economic conditions, the Fed said the economy was strengthening. But it cautioned that high unemployment, sluggish income growth and tight credit will restrain the recovery.

Despite some improvements at the end of last year and heavy government support, home foreclosures are also likely to stay quite high, the Fed said.

The Dow Jones industrial average dropped 3.56, or 0.03 percent, to 10,969.99 after reaching a new high of 10,988.06. The Standard & Poor's 500 index rose 1.99, or 0.17 percent, to 1,189.43 and the Nasdaq was up 7.28, or 0.30 percent, to 2,436.81.

Source: Xinhua


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