US stocks closed the session mixed overnight, strong gains in energy stocks lifted the Dow Jones, but a surprise drop in consumer confidence and sell-off in technology and bank shares dragged the Nasdaq and S&P lower.
The Dow Jones industrial average rose 14 points to 9,882. The S&P500 Index fell 4 points to 1,063 and the NASDAQ dropped 26 points to 2,116.
In economic news: The Conference Board reports that its Consumer Confidence index fell to a read of 47.7 in October from 53.4 in September. The fall reflects the impact of rising unemployment and decreasing household wealth.
And the S&P Case-Shiller Home Price index showed that home prices rose 1.2 per cent in August after rising 1.6 per cent in July.
In company news: Shares in oil refining giant Valero Energy Corp (NYSE:VLO) declined 4.34 per cent to $19.39. The company reported a wider than expected loss for the third quarter with softer demand due to the sluggish economy. Valero posted a loss of US$489 million compared to a profit of US$1.2 billion in the third quarter last year.
Shares in digital solutions company Zoran Corp (NASDAQ:ZRAN) plunged 12.45 per cent to $8.90. Zoran posted better than expected results for the third quarter and provided guidance for the fourth quarter that’s in line with analyst estimates.
Shares in global biotechnology tools company Life Technologies Corp (NASDAQ:LIFE) gained 2.02 per cent to $48. The company reported earnings for the quarter that came in above expectations at 73 cents a share. Life also raised its outlook for earnings in 2009.
And shares in provider of solar energy products and solutions China Technology Development Group Corp (NASDAQ:CTDC) soared 30.6 per cent to $4.78. According to Reuters the company is to acquire a majority stake in an on-grid solar power business.
Checking the NASDAQ Top 100: The best performer was Vertex Pharmaceuticals which gained 3.92% to $33.37. The next best performers were Cephalon and Stericycle.
Baidu was the NASDAQ’s worst performing stock on Tuesday, falling 11.39% to $383.66. Wynn Resorts and Flextronics also finished lower.
