Wall Street narrowly mixed, financials higher

11:42, June 26, 2010      

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Wall Street ended narrowly mixed on Friday, with the Dow Jones industrial average losing ground at final minutes of trading, while broader indexes gained modestly, helped by a rally in the financial sector.

The Dow Jones industrial average dipped 8.99 points, or 0.09 percent, to 10,143.81. The Standard & Poor's 500 index gained 3.07 points, or 0.29 percent, to 1,076.76 and the Nasdaq added 6.06 points, or 0.27 percent, to 2,223.48.

Financials took the lead as the U.S. congress completed the biggest reform of financial regulations since the Great Depression after a long night of final negotiation. Although the legislation will impose new capital requirements on banks and for the first time extend comprehensive regulation to the over-the-counter derivatives market, banks will only be required to spin off their riskiest swap-trading operations.

The rally in financials helped offset the downbeat news that U. S. economy was expanding at a lower pace in the first quarter.

The Commerce Department revised down for the second time its estimate of economic growth in the first quarter of 2010 due to lower consumer spending. Gross domestic product rose at an annual rate of 2.7 percent, down from an original estimate of 3.2 percent in April.

Also adding to the gains, The University of Michigan said its final reading of June consumer sentiment was rising to a two year high of 76, while the market was expecting the index to stay at its previous level of 75.5.

Source: Xinhua


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