New York: US stocks closed mixed following the previous day’s plunge, as the International Monetary Fund (IMF) warned of slower economic growth for commodity exporters over the 2015-2017 period.
The Dow Jones Industrial Average rose 47.24 points, or 0.30 percent, to 16,049.13 on Tuesday, Xinhua reported.
The S&P 500 inched up 2.32 points, or 0.12 percent, to 1,884.09. The Nasdaq Composite Index dipped 26.65 points, or 0.59 percent, to 4,517.32.
In an analytical chapter of the IMF’s flagship World Economic Outlook report, which is to be published next week in Peru, IMF economists found that the weak commodity price outlook could subtract almost 1 percentage point annually from the growth rate of commodity exporters over the 2015-2017 period as compared with the 2012-2014 period.
According to the research, analysts generally agreed that commodity prices will likely remain low, given ample supplies and weak prospects for global economic growth, and the commodity futures prices suggest future spot prices for commodities will remain low or rebound only moderately over the next five years.
Some analysts said the turmoil in commodities dominated the market sentiment recently, which caused a heavy sell-off in commodity stocks.
On the US economic front, the Consumer Confidence Index stands at 103.0 for September, well above market consensus of 96.0, according to the New York-based research group Conference Board.
The S&P/Case-Shiller’s 20-City Index decreased 0.2 percent month-over-month in July, missing market expectations of a 0. 1-percent gain.
Overseas, Japanese stocks plummeted on Tuesday, with the Nikkei index diving 4.05 percent to a more than eight-month closing low, as a drop in commodity prices and a global equities rout was extended further.
European equities also largely declined on Tuesday, with British benchmark FTSE 100 Index falling 0.83 percent, as investor sentiment turned negative despite recoveries in mining and oil prices.