Wall St: Tuesday mid-session
SHARES clawed their way into positive territory, erasing earlier losses, as investors nibbled at semiconductor and healthcare shares after four straight sessions of declines.
Official figures showed US consumer confidence slumped in February as Americans worried over slow growth in new jobs. However, some commentators said the news meant the Federal Reserve would be less likely to raise interest rates in the near future.
The Dow Jones industrial average shed 22 points, or 0.21% at 10,587 and the Nasdaq Composite Index slipped 1 point, or 0.07% to 2,008.
Guidant. jumped $4.67, or 7.4% to $68.12 after striking a deal with healthcare company Johnson & Johnson to promote jointly J&J's drug-coated stent, a new device used to keep arteries clear after surgery. J&J climbed $1.16, or 2.2% to $54.21.
The decision to join forces comes as Boston Scientific expects to get US Food and Drug Administration approval for its own drug-coated stent, which analysts believe could overtake J&J's rival product. Boston Scientific fell $1.43, or 3.5% to $39.87.
Intel climbed 34 cents, or 1.2% to $29.34. The semiconductor giant said it expects its revenue growth this year to mirror an estimated 15 percent sales gain for the entire chip industry.
Home Depot, the world's largest home improvement retailer, rose 67 cents, or 1.9% to $35.05. Its quarterly earnings rose 39% topping estimates, as merchandise and technology upgrades helped reverse year-earlier declines in earnings and sales.
