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US stocks gyrate after positive consumer confidence data

February 14, 2014

U.S. stocks fluctuated between pre-market trading hours and untill the release of the University of Michigan's consumer confidence data. Earlier in the day, futures on the three major indices pointed higher but soon tumbled after a report showed an unexpected fall in U.S. Industrial production. U.S. factory output slumped 0.8% in January. The University of Michigan's consumer confidence gauge came out better than estimated for February. The Dow Jones Industrial Average then turned higher. -The Dow Jones Industrial Average gained 0.22% to 16063.10 -The S&P 500 index dropped 0.04% to 1829.03 . As of 10:03 a.m. ET -The NASDAQ Composite dropped 0.07% to 4237.68 . As of 10:18 a.m. ET Benchmark indices on Wall Street finished higher Thursday, with the Dow Jones making its fifth gain in the last six sessions. Stocks in the U.S. could benefit from a  rally in overseas markets , as Asian markets ended higher but Japanese shares. European shares were stronger in morning trade, having got some support from a better-than-expected reading on fourth-quarter growth. Eurozone Gross Domestic Product rose by 0.3% in the third quarter, and 0.5% compared with a year ago. This was the first sign of  annual growth since   2011. In corporate news, Kraft Foods posted quarterly results that blew past Wall Street estimates. Men's clothes retailer Jos. A. Bank announced it had agreed to acquire Eddie Bauer for $827 million.

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Source: Financial Markets

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