Consumer services led gains in Dow

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Source: Dukascopy Bank SA
US blue chips ended the week in green territory despite disappointing numbers from domestic economy. The data showed that US consumers spent less in October as personal spending posted an unexpected drop of 0.2%. Dismal consumer spending figure resulted in  US growth estimates cuts for Q4. However, the market received a boost from another side of the Atlantics. The ECB President Mario Draghi said that the Eurozone's economy is likely to witness signs of recovery in H2 of 2013. The Dow Jones Industrial Average Index eased up 0.03% to close at 13,025.58. Only four in nine sectors climbed. The top-performers were consumer services and telecommunications, with Wal-Mart Stores and AT&T advancing 1.68% and 0.59%. At the same time, technology sector dragged the US blue chips index lower. Microsoft led losses, dipping 1.22%. The firm has remained under heavy pressure since Thursday when it announced prices for its Surface Pro tablet. Experts claim prices are too high compared to similar products offered by competitors.


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