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Market Update

Stocks on Wall Street Waver, China to Deepen Economic Reforms

Author: Nichole Harper
Last Update: 11:06 AM ET November 12 2013

11:05 AM New York – U.S. stocks traded sideways and investors shifted attention to speeches by Fed policy makers. World markets were cautious and Chinese leaders concluded its four-day annual meeting to set the pace for a new round of economic reforms. Inflation in India perked up but in the U.K. fell.

U.S. stocks wavered and investors shifted attention to Fed policymakers to get a better insight into the monetary stimulus tapering timetable.

S&P 500 index declined 0.1% to 1,769.91 and the Nasdaq Composite Index eased 0.05% to 3,917.95.

In Europe, market indexes closed mixed as investors focused on local company earnings.

U.K. inflation in October slowed to 2.2% from the previous month, lowest in a year, according to the Office of National Statistics in London.

In London trading, FTSE 100 index fell 0.3% or 20.39 to 6,708 and in Frankfurt the DAX index slid 0.2% or 23.21 to 9,085.

In Paris, CAC 40 index slipped 0.4% or 16.31 to 4,274.

In Asia, markets indexes diverged after the yen declined for the second day in a row and approached 100 mark and the Nikkei index extended gains by 2.2%.

Chinese leaders and policy makers concluded a 4-day meeting to decide the economic course for the nation.

The newly appointed premier Li Keqiang supported deeper economic reforms and expansion of private enterprises and lower the share of government spending in the economy.

India’s consumer price inflation accelerated to 10.09% in October from 9.84% in September, according to the latest data released by the statistics agency.

U.S. Stocks in Review

D.R. Horton Inc (DHI) increased 2% after the largest U.S. home builder reported an increase in quarterly profit on higher average selling price.

Dean Foods Co (DF) plunged 8% after dairy products maker lowered its full-year earnings outlook and announced quarterly dividend of 7 cents a share.

Dendron Corp (DNDN) gained 5% and the cancer treatment developer reported a third-quarter loss and product sales that missed analysts’ estimates and trim jobs as a part of restructuring to save 20% of operating costs.

Dish Network (DISH) fell 3% after the satellite-television services provider reported better than expected third quarter earnings.

Hologic Inc plunged 12% after the X-ray equipment maker estimated adjusted sales that were below analysts’ estimates.

News Corp (NWSA) declined 3% after the publisher reported a 3% decline in first-quarter revenues and said global revenues at its news division declined 10% to $1.5 billion.

Sarepta Therapeutics Inc plummeted 55% after the U.S. drug regulator demanded more tests before the company can file an application for its experimental treatment for muscular dystrophy.

T-Mobile U.S. Inc (TMUS) declined 3% after the fourth-largest U.S. wireless carrier plans to sell 66.2 million shares according to a secondary filing to raise capital to purchase wireless spectrum.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc