Investors on Wall Street turned away from another week of worry about European debt and Chinese tightening to focus on more positive developments at home.For most of the session stocks were in the red, in line with slumping Asian markets and little change
Investors on Wall Street turned away from another week of worry about European debt and Chinese tightening to focus on more positive developments at home.
For most of the session stocks were in the red, in line with slumping Asian markets and little change in Europe.
But by the close, stocks had rebounded, ending three days of losses.
Oil settled $US70 a barrel, its lowest year, and US economic data were mixed.
The Federal Reserve Bank of New York's Empire Manufacturing survey showed business conditions improved for the 10th consecutive month, but gains came at a slower pace than in April and were well below expectations.
The National Association of Home Builders housing market index rose to 22 in May from 19 in April, beating analysts' expectations.
The Dow Jones Industrial Average closed 5.67 points higher at 10,625.83.
The S&P 500 rose 0.1% to 1136.94, weakened by lower energy stock prices.
The Nasdaq Composite Index finished down 0.3% at 2354.23.
Other markets: Europe steady, Asia down
European markets ended little changed as the day's gains evaporated.
The pan-European Stoxx 600 index fell 0.2% 248.02. The UK's FTSE 100 ended fractionally lower at 5262.54. France's CAC-40 fell 0.5% to 3543.55, while Germany's DAX edged up 0.2% to 6066.92.
Mining stocks dropped, pulled down by weaker metals prices. Rio Tinto fell 3%, Kazakhmys shed 2.8% and Xstrata declined 2.1%.
Chinese shares tumbled 5.1% as Beijing again tightened its policies to cool property and consumer prices. Other Asian markets also fell sharply.
The Shanghai Composite dropped 136.70 points to 2559.93, Hong Kong's Hang Seng Index fell 2.1% to 19715.20, Japan's Nikkei Stock Average slid 2.2% to 10235.76, Korea's Kospi gave up 2.6% to 1651.51, Australia's S&P/ASX 200 dropped 3.1% to 4467.20, and Taiwan's Taiex slid 2.2% to 7598.72.
Thailand's SET Index fell 2% to 753.26 as an escalating domestic political crisis continued to spiral out of control.
Commodities: Oil down, gold steady
Crude futures dropped as doubts about future oil demand sent prices to a 2010 low.
Light, sweet crude for June delivery settled $US1.55, or 2.2%, lower at $US70.06 a barrel in New York after dropping to $US69.27 a barrel, the cheapest the front-month contract has traded since December.
Brent crude on the ICE futures exchange traded $US2.54, or 3.3%, lower at $US75.39 a barrel.
Gold futures held near record levels, favoured by bearish investors.
Most-actively traded gold for June delivery was up $US2.30, or 0.2%, at $US1230.10 an ounce in New York. Gold hit an intraday record of $US1249.70 on Friday.
Currencies: Euro down
The euro was down against the dollar, although off a four-year low. Its slide over the past month has prompted many large banks to reassess their outlook for the currency, and some now see a return to parity against the dollar as a real possibility.
The euro fell as low as $US1.2234 during Asian trading, a level last seen in April 2006. More recently it traded at $US1.2287, down from $US1.2381 late on Friday in New York.
The dollar was down against the yen at ¥91.98, from ¥92.32, while the euro was at ¥113.02 from ¥114.30.
The UK pound was at $US1.4385 from $US1.4538.
