US close: Stocks pare gains but Nasdaq ends at 13-year high

Sharecast

LONDON (ShareCast) - - Nasdaq closes above 4,000
- Stocks pull back sharply ahead of MSCI (NYSE: MSCI - news) rebalancing
- Consumer confidence slips, housing permits shoot higher
- Goldman sees S&P 500 at 1,900 before end of 2013

Dow Jones: 0.00%
Nasdaq: 0.58%
S&P 500: 0.02%

US stocks closed flat to slightly higher on Tuesday but had pared gains by the close as investors adopted a cautious approach ahead of the end of a shortened week on Wall Street with markets celebrating the Thanksgiving holidays.

Upside was being capped by an unexpected fall in consumer confidence in November, offsetting earlier reports that showed a surge in housing permits and house prices.

Meanwhile, there was also sharp pull-back in the final minutes of trade with stocks being sold to reflect the rebalancing of the MSCI indices that took affect after the close.

While the Dow Jones Industrial Average and S&P 500 both finished little changed on the previous session, the Nasdaq Compositie Index closed up 0.58% at 4,017.75, its first time above 4,000 for the first time in 13 years.

Nevertheless, Goldman Sachs (NYSE: GS-PB - news) strategists have reportedly forecast the S&P 500 to end this year at 1,900 points - compared with Tuesday's close of 1,802.75 - but thereafter fall by 10% over the following 12 months.

Consumer confidence slips, housing permits shoot higher

The Conference Board's consumer sentiment index unexpectedly fell from 71.2 to 70.4 in November, below the rise to 72.6 expected.

Despite the fall, analyst Cooper Howes from Barclays (LSE: BARC.L - news) said that consumer confidence is still on an "upward trend despite the month-to-month volatility caused in part by several negative policy shocks in recent years".

In other economic news, Case-Shiller's index tracking home prices in 20 US cities rose at its fastest pace since early 2006. The index increased at an annual rate of 13.29% in September, up from a revised 12.8% gain in August and ahead of the 13% forecast.

New housing permits in the US rose 6.2% to an annualised rate of 1.034m in October, according to the latest figures published by the Department of Commerce, its highest level in over five years. This came in much higher than the consensus estimate for 935,000.

Housing starts data was scheduled for release today but has been delayed due to ongoing effects of the government shutdown. The figures for September, October and November will be released on December 18th.

Tiffany gains after quarterly results

Tiffany rallied as the luxury jeweller reported a rise in net income in the quarter ended October 31st that beat analysts' expectations. Net (Dusseldorf: NETK.DU - news) income increased to 73 cents a share in its third quarter from 49 cents previously. Meanwhile the firm lifted its full-year profit target range by 15 cents to $3.65-3.75 per share.

Ligand advanced as the drugmaker was added to the S&P Smallcap 600 index, replacing SHFL on the gauge from tomorrow.

Nuance declined as the maker of speech-recognition software forecast full-year 2014 adjusted revenue that exceeded consensus.

Freeport-McMoRan Copper & Gold Inc slumped as Goldman Sachs lowered its rating on the US miner to 'neutral' from 'buy'.


S&P 500 - Risers
Tiffany & Co (NYSE: TIF - news) . (TIF) $88.02 +8.68%
Hormel Foods Corp. (HRL) $44.95 +5.91%
Lennar Corp (NYSE: LEN - news) . Class A (LEN) $36.05 +5.07%
D. R. Horton Inc. (DHI) $19.93 +4.62%
PulteGroup Inc (NYSE: PHA - news) . (PHM) $18.95 +4.41%
Time Warner Cable Inc (NYSE: TWC - news) . (TWC) $136.56 +3.44%
Coach Inc (NYSE: COH - news) . (COH) $56.36 +3.30%
Cablevision Systems Corp. (CVC (Taiwan OTC: 4744.TWO - news) ) $15.77 +3.07%
Monster Beverage Corp (MNST) $58.80 +2.76%
Micron Technology Inc (NasdaqGS: MU - news) . (MU) $20.31 +2.27%

S&P 500 - Fallers
Centerpoint Energy Inc (NYSE: CNP - news) . (CNP) $23.58 -5.19%
Newmont Mining Corp. (NEM) $24.72 -3.17%
Integrys Energy Group Inc. (TEG) $53.78 -2.70%
Intuitive Surgical Inc (NasdaqGS: ISRG - news) . (ISRG) $374.51 -2.60%
Biogen Idec Inc (NasdaqGS: BIIB - news) . (BIIB) $289.20 -2.26%
Health Care REIT Inc (NYSE: HCN - news) . (HCN) $56.18 -2.01%
Sears Holdings Corp. (SHLD) $64.55 -1.90%
Bristol-Myers Squibb (BMY) $51.88 -1.84%
Allegheny Technologies Inc (NYSE: ATI - news) . (ATI) $32.94 -1.82%
AutoZone Inc (NYSE: AZO - news) . (AZO) $457.28 -1.81%

Dow Jones I.A - Risers
Walt Disney Co. (DIS) $71.18 +2.06%
Boeing Co (NYSE: BA - news) . (BA) $134.78 +1.34%
Visa Inc (NYSE: V - news) . (V) $203.52 +0.79%
Home Depot Inc. (HD) $80.35 +0.75%
3M Co. (MMM) $132.15 +0.70%
Nike Inc (NYSE: NKE - news) . (NKE) $79.60 +0.59%
American Express Co. (AXP) $85.09 +0.59%
United Technologies Corp (NYSE: UTX - news) . (UTX) $110.94 +0.57%
Wal-Mart Stores Inc. (WMT) $80.68 +0.31%
General Electric Co. (GE) $26.78 +0.19%

Dow Jones I.A - Fallers
International Business Machines Corp. (IBM (NYSE: IBM - news) ) $177.31 -0.91%
Procter & Gamble Co. (PG) $84.64 -0.90%
Exxon Mobil Corp. (XOM) $94.27 -0.86%
Goldman Sachs Group Inc. (GS (KSE: 078935.KS - news) ) $168.04 -0.85%
JP Morgan Chase (Other OTC: JFTTL - news) & Co. (JPM) $57.17 -0.83%
Pfizer Inc (NYSE: PFE - news) . (PFE) $31.89 -0.78%
Chevron Corp. (CVX) $122.78 -0.78%
Microsoft Corp. (MSFT) $37.35 -0.77%
McDonald's Corp. (MCD) $98.20 -0.73%
Johnson & Johnson (NYSE: JNJ - news) (JNJ) $95.06 -0.60%

Nasdaq 100 - Risers
Baidu Inc (Xetra: B1C.DE - news) . (BIDU) $163.03 +4.07%
Monster Beverage Corp (MNST) $58.80 +2.76%
Facebook Inc (NasdaqGS: FB - news) . (FB) $45.89 +2.39%
Avago Technologies Ltd. (AVGO) $44.75 +2.38%
Micron Technology Inc. (MU) $20.31 +2.27%
Liberty Media Corporation (NasdaqGS: LMCA - news) - Class A (LMCA) $154.41 +1.95%
Apple Inc (NasdaqGS: AAPL - news) . (AAPL) $533.40 +1.84%
Sandisk Corp (NasdaqGS: SNDK - news) . (SNDK) $67.02 +1.78%
Liberty Global (NasdaqGS: LBTYA - news) plc Series A (LBTYA) $84.27 +1.69%
Priceline.Com Inc. (PCLN) $1,177.98 +1.62%

Nasdaq 100 - Fallers
Nuance Communications Inc (NasdaqGS: NUAN - news) . (NUAN) $13.10 -18.07%
Green Mountain Coffee Roasters Inc (Xetra: 887856 - news) . (GMCR) $64.16 -5.10%
Intuitive Surgical Inc. (ISRG) $374.51 -2.60%
Biogen Idec Inc. (BIIB) $289.20 -2.26%
Sears Holdings Corp. (SHLD) $64.55 -1.90%
Activision Blizzard Inc (NasdaqGS: ATVI - news) . (ATVI) $17.10 -1.78%
Randgold Resources Ltd. Ads (GOLD) $68.05 -1.68%
Symantec Corp. (SYMC) $22.72 -1.65%
Staples Inc (NasdaqGS: SPLS - news) . (SPLS) $15.32 -1.16%
Cerner Corp (Frankfurt: CRE.F - news) . (CERN) $57.68 -0.96%

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