World / US and Canada

US stocks open mixed on fiscal cliff, Europe

(Xinhua) Updated: 2012-12-01 00:09

NEW YORK - US stocks opened flat and mixed on Friday on the looming "fiscal cliff" and mixed news from Europe.

Market sentiment was driven by the progress of US "fiscal cliff" talks. President Barack Obama was negotiating with Republicans, but Speaker John Boehner said Thursday that "no substantive progress" was made in talks with the White House.

Treasury Secretary Timothy Geithner offered a proposal in dealing with deficit cuts, which, however,did not appeal to Republicans.

On the economic front, consumer spending slipped 0.2 percent in October, falling for the first time in five months, according to the Commerce Department.

The Institute for Supply Management in Chicago said the PMI in the region rose 0.5 percentage point to 50.4 in November, showing expansion of manufacturing.

In Europe, Germany approved the Greece bailout deal, easing concerns about the bloc's debt crisis. But the eurozone unemployment rate rose to a record high of 11.7 percent in October, adding to economic woes in the recessionary area.

Shortly after the opening bell, the Dow Jones industrial average gained 15.82 points, or 0.12 percent, to 13,037.64. The Standard & Poor's 500 was down 0.44 point, or 0.03 percent, to 1,415.51. The Nasdaq Composite Index lost 3.05 points, or 0.10 percent, to 3,008.98.

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