The Dow and S&P 500 rose on Wednesday after better-than-expected regional factory data lifted hopes that the recession is moderating and prompted investors to buy some shares of manufacturers such as United Technologies
However, the Nasdaq fell on Wednesday as a lack of clarity in Intel Corp's
Intel's stock lost 3.8 percent to $15.41 despite beating quarterly expectations after the chip maker ruled out clear guidance, as there is still too much market and economic turbulence to call a precise projection for the second quarter.
There's mixed signals, said Terry Morris, senior vice president and senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania. It's just a symbol of what everyone else is going through.
These businesses don't know what is coming through the door in the next few months -- they are as uncertain as you or I are.
The Dow Jones industrial average <.DJI> gained 63.00 points, or 0.80 percent, to 7,983.18, after earlier rising 1 percent to a session high at 8,009.46. The Standard & Poor's 500 Index <.SPX> added 3.42 points, or 0.41 percent, to 844.92. The Nasdaq Composite Index <.IXIC> dropped 9.10 points, or 0.56 percent, to 1,616.62.
The S&P 500 is up nearly 25 percent from its bear market closing low on March 9 as it attempts its sixth-straight week of gains, but it's still down about 7 percent for the year.
Manufacturer 3M Co
However, the New York state manufacturing data contradicted a separate Federal Reserve report showing that industrial output at the nation's factories, mines and refineries dropped 1.5 percent in March.
Procter & Gamble
Echoing the sentiment from Intel was Wal-Mart Stores Inc
Shares of Wal-Mart, the world's largest retailer, slipped 0.2 percent to $51.02.
Shares of some department store chains fell, with Macy's Inc
Elsewhere among consumer stocks, Dow component McDonald's
Burger King shares tumbled 16.4 percent to $18.96.
(Editing by Jan Paschal)