U.S. markets flat Tuesday

May 20, 2009 - 0 comments

New York -- A strong rally in U.S. markets fell flat Tuesday morning, as the Commerce Department reported a sharp decline in building starts.

In April, housing starts dropped 12.8 percent and permits issued -- indicating future construction activity -- fell 3.3 percent, the Commerce Department said.

In early afternoon trading, the Dow Jones industrial average gained 15.45 points or 0.18 percent to 8,519.53. The Standard & Poor's 500 rose 4.35 or 0.48 percent to 914.06. The Nasdaq composite index added 12.52 or 0.72 percent to 1.744.88.

The benchmark 10-year U.S. Treasury bond rose 5/32 to yield 3.24 percent.
The euro rose to $1.3639, compared to Monday's $1.3553. Against the Japanese yen, the dollar fell to 96.11 yen, compared to Monday's 96.38 yen.

In Tokyo, the Nikkei average added 251.60 points to 9,290.29, up 2.78 percent.
In London, the FTSE 100 index rose 0.81 percent, 35.80 points, to 4,482.25.