U.S. stock indices reversed opening loses and closed little changed on Monday.
The Dow Jones Industrial Average closed 17.12 points, or 0.1% lower at 16,449 after an initial decline of 160 points. The S&P 500 slid 0.86 point, or 0.04%, to 1,939.38 (its energy sector led declines closing 1.9% lower). The Nasdaq Composite gained 6.41 points, or 0.1%, to 4,620.
A report by the Institute for Supply Management showed that activity in the U.S. manufacturing sector slightly improved in January beating median forecasts. The Manufacturing PMI came in at 48.2 in January after a 48.0 reading in December. The index was expected to stay unchanged.
Comments from Fed Vice Chairman Stanley Fischer suggested that the central bank was in no rush to raise interest rates further. Fischer also noted that inflation was likely to stay low for a longer time. These comments supported stocks.
This morning in Asia Hong Kong Hang Seng lost 0.82%, or 1 61.25, to 19,434.25. China Shanghai Composite Index rose 1.68%, or 45.16, to 2,734.02. The Nikkei declined 0.64%, or 114.55, to 17,750.68.
Asian stock indices traded mixed. Japanese stocks fell amid declines in U.S. equities and profit-taking.
Chinese stocks gained. Today the People's Bank of China injected around $15.2 billion into the financial system in order to saturate the market with liquidity ahead of a week-long holiday.