US stocks inched higher on Tuesday, reversing earlier declines after bargain hunters stepped in to buy beaten-down shares and offset the impact of Hewlett-Packard's accounting charge and France losing its triple-A credit rating. The S&P 500 briefly dipped below its 200-day moving average at 1,382, but recovered to trade slightly above the key technical level, which is seen as a support mark.
Shares of McDonald's shot up 1.3 percent to $86.11, leading the Dow industrials' slim advance. Moody's Investors Service cut France's sovereign rating by one notch to Aa1 after the market's close on Monday, citing an uncertain fiscal outlook as a result of the weakening economy.
Hewlett-Packard Co shares tumbled 10.5 percent to a 10-year low at $11.91 as the computer and printer maker swung to a fourth-quarter loss. The Dow Jones industrial average was up 10.34 points, or 0.08 percent, at 12,806.30. The Standard & Poor's 500 Index was up 2.17 points, or 0.16 percent, at 1,389.06. The Nasdaq Composite Index was up 3.41 points, or 0.12 percent, at 2,913.48.
Comments
Comments are closed.