By Agency reporter

Thursday, 18 Nov 2010

United States stocks were little changed on Wednesday, as investors awaited clarity on how a European Union-International Monetary Fund mission would help ease Ireland‘s debt crisis.

Ireland said it would work with officials from the EU and the International Monetary Fund to help its struggling banking sector, a process that could lead to a bailout, despite Dublin‘s reluctance.

Reuters reported from New York, that in China, the government said it will take forceful measures to stabilise consumer prices. The news pressured commodities, sending crude oil down 0.6 per cent.

Renewed concerns over euro zone sovereign debt woes and the prospect of China raising rates to rein in inflation helped to sink equities in a broad selloff on Tuesday.

”After the tumultuous market on Wednesday, people are taking a wait-and-see attitude towards Ireland and China,” the President, Chase Investment Counsel in Charlottesville, Virginia, Mr. Peter Tuz, said. ”If Ireland does not agree on a plan, it would be a negative not just for Europe, but for the whole world.”

The Dow Jones industrial average was down 3.29 points, or 0.04 per cent, at 11,018.96. The Standard & Poor‘s 500 Index was up 2.26 points, or 0.19 per cent, at 1,180.60.

The Nasdaq Composite Index. IXIC was up 9.75 points, or 0.40 per cent, at 2,479.62.

On the upside, Target Corporation climbed 3.8 per cent to $55.57 after it posted higher-than-expected quarterly profit and forecast sales would be the best in three years. Retailer Costco Wholesale Corp was one of the top percentage gainers on the Nasdaq 100. NDX, rising 1.4 per cent to $66.68.

General Motors Company set the terms for a landmark IPO that could be the largest in US history and could raise up to $22.7bn.

Source: Punch