US stocks mixed as GM sales overshadow lower tech and metals shares

Business Materials 4 September 2008 04:24 (UTC +04:00)

Uncertainty prevailed on the US stock market Wednesday as a drop in commodity prices put pressure on metals producers and technology shares dropped on dismal earnings reports. ( dpa )

General Motors Corp led a rise in the Dow Jones Industrial Average after reporting better-than-expected domestic sales in August, but other major stock indices fell on the day.

Mining firms Newmont Mining Co and Freeport-McMoRan Copper & Gold Inc dropped as the gold price hit a two-week low.

Corning Inc, the largest maker of glass for flat-panel television screens, led tech stocks lower after cutting its earnings forecast.

The blue-chip Dow rose 15.96 points, or 0.14 per cent, to 11,532.88. The broad-based Standard & Poor's 500 Index edged lower by 20.60 points, or 0.2 per cent, to 1,274.98. The technology-heavy Nasdaq Composite Index slid 15.51 points, or 0.66 per cent, to 2,333.73.

The US currency rose to 68.99 euro cents from 68.82 euro cents on Tuesday. The dollar fell against the Japanese currency to 108.28 yen from 108.55 yen on Tuesday.

Gold fell to 808.20 dollars from 810.50 dollars per fine ounce on Tuesday.