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U.S. stocks narrowly fluctuate on Greek elections

Xinhua, January 27, 2015 Adjust font size:

U.S. stocks were almost flat at midday on Monday, as investors were considering implications of the Greek national election results on the eurozone economy.

At noon, the Dow Jones Industrial Average edged down 1.70 points, or 0.01 percent, to 17,670.90. The S&P 500 added 1.79 points, or 0.09 percent, to 2,053.61. The Nasdaq Composite Index fell 3.24 points, or 0.07 percent, to 4,754.64.

Greece's anti-bailout Syriza party has won Sunday's national elections, according to the final official results released by the Interior Ministry on Monday.

The new government would soon face pressure from Greece's international lenders, according to analysts, as Syriza party leader Alexis Tsipras has pledged to reverse austerity and reform measures and push for a new write-off of part of the Greek sovereign debt. Syriza's demands for a debt restructuring have raised the prospect of a stand-off between Athens and other European leaders.

Investors also keep a close eye on the Federal Reserve's two- day policy meeting starting on Tuesday for any clues on the timing of its interest rate hike.

According to Thomson Reuters, as of Friday, among the 90 companies in the S&P 500 that had reported fourth-quarter earnings, 72 percent had reported earnings above market expectations. This is above the long-term average of 63 percent and above the average over the past four quarters of 69 percent.

Meanwhile, 54 percent of the companies had reported fourth- quarter revenue above market expectations. This is below the long- term average of 61 percent and below the average over the past four quarters of 59 percent.

U.S. stocks closed mixed Friday after a four-session winning streak, but the three benchmark indices still capped last week with gains as investors embraced the European Central Bank's stimulus plans. Endite