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NEW YORK (Reuters) – Stocks edged lower on Tuesday after a batch of weaker-than-expected economic reports gave investors reason to pause after strong gains in world equity markets.
Stocks have rallied sharply since last year, partly on hopes the U.S. economy will dodge the effects of a recession in Europe. But data that showed November U.S. home prices and January business activity in the U.S. Midwest missed expectations, and consumer confidence that unexpectedly fell, tested that theory.
Earnings reports continue to paint a muddled picture. Exxon Mobil Corp (XOM.N) fell 2.1 percent to $83.71 and was the biggest drag on both the Dow and SP 500. The U.S. energy company’s profit narrowly beat expectations as rising oil prices offset falling margins for chemicals and fuel, and production fell short of some estimates.
Robert Sluymer, a technical analyst at RBC Capital in New York, said depressed U.S. interest rates and a stalling of gains in industrial metal copper is pointing to a short-term
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