US stocks mixed, extending choppy week
Wall Street stocks finished mixed on Wednesday, extending a choppy week of trading following government data that upgraded US economic growth in the third quarter. The world's biggest economy saw GDP growth of 5.2 percent at an annual rate in the July to September period, due to higher investment and government spending than originally expected. The initial estimate put growth at 4.9 percent. The Dow Jones finished up less than 0.1 percent at 35,430. The S&P 500 slipped 0.1 percent to 4,550, while the Nasdaq dropped 0.2 percent to 14,258. Some analysts have warned the market could pull back or go flat following strong gains earlier in November. "We're biding some time here," said Art Hogan of B Riley Wealth Management. "Coming off what we've seen, you're going to need a much larger catalyst to push it higher." Among individual companies, General Motors shares surged 9.4 percent after announcing a US$10 billion "accelerated" share repurchase programme and plans to boost its dividend by 33 percent. The US automaker also reinstated its profit outlook after suspending it due to a strike earlier in the fall. Workday shares jumped 11.0 percent after announcing a 17 percent rise in quarterly revenues to US$1.9 billion, behind growth in cloud software subscriptions. (AFP)