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					Wall Street ends mixed, gold sets new record

NEW YORK, Aug. 17 (Xinhua) -- Wall Street ended a choppy session mixed as
technology sector dragged, while Gold futures closed at another record
high.

Wednesday's trading was still thin as investors were cautious after last
week's great volatility.

The Dow Jones industrial average gained as much as 124 points before
settling at 11,410.21, little changed from the previous session.

American Express and Verizon Communications led the blue-chip index
higher while Hewlett-Packard and Caterpillar were the weakest in the Dow,
losing 3.74 percent and 1.91 percent respectively.

The bellwether Standard & Poor's 500 managed to end higher after erasing
early rally of more than 1 percent, but still failed to reclaim the 1,200
technical level. The average was up 1.12 points, or 0.09 percent, to
1,193.88.

The tech-heavy Nasdaq Composite Index dropped 11.97 points, or 0.47
percent, to 2,511.48, the only one in three major indexes which ended in
negative territory.

Dell, the biggest personal computer maker, plunged more than 10 percent a
day after its quarterly revenues came in below estimates, exerting
downward pressure to the technology sector.

However, strong earnings in the retail sector gave the market a lift.
Target jumped about 2.4 percent after the retailing company posted
higher-than-expected quarterly profit on Wednesday. The company's total
revenues for the quarter increased 4.6 percent to 16.24 billion dollars.

Staples' stock spiked more than 7 percent before retreating to about only
0.5 percent after the office supply chain reported strong profit and
sales in the second quarter, and raised its outlook for the year.

On the economic front, the Labor Department said the Producer Price Index
(PPI) for finished goods rose 0.2 percent in July after a 0.4-percent
decrease in June. Excluding food and energy, the so-called core PPI rose
0.4 percent, the largest monthly rise since January.

Inflation worries pushed gold prices to another closing high of 1791.20
dollar an ounce, showing gold was still seen as safe-haven assets amid
economic uncertainties.

In other markets, the U.S. dollar fell against major currencies in late
New York trading while crude prices rose as the U.S. gasoline inventories
declined sharply last week.

Light, sweet crude for September delivery rose 93 cents, or 1. 07 percent
to settle at 87.58 dollars a barrel on the New York Mercantile Exchange.
Editor: Chen Zhi
Source: http://news.xinhuanet.com/english2010/business/2011-
08/18/c_131056742.htm

				
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posted:8/21/2011
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