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U.S. stocks narrowly fluctuate after two-day surge

Xinhua, February 5, 2015 Adjust font size:

U.S. stocks were little changed around midday Wednesday, as oil prices retreated after a four-day winning streak of nearly 20 percent.

At noon, the Dow Jones Industrial Average added 58.92 points, or 0.33 percent, to 17,725.32. The S&P 500 edged down 1.30 points, or 0.06 percent, to 2,048.73. The Nasdaq Composite Index was up 2. 97 points, or 0.06 percent, to 4,730.70.

Oil prices fell sharply Wednesday, as latest data showed that inventories at Cushing, Oklahoma, the delivery point for the contract, gained 6.3 million barrels.

On the economic front, U.S. private sector employment added 213, 000 new jobs in January, according to a report by payroll processor ADP released Wednesday, shy of market consensus of 220, 000.

Meanwhile, the People's Bank of China, the country's central bank, on Wednesday decided to lower the reserve requirement ratio (RRR), the minimum reserve level of each bank must hold, by 50 basis points from Thursday. The move came days after the purchasing managers' index, a main gauge of manufacturing activity, fell below the 50-point mark for the first time since October 2012.

In corporate news, Sony said Wednesday its net loss for 2014 is likely less than previously forecast as higher-than-expected sales helped lift its quarterly profit. The company's shares surged nearly 11 percent around midday.

The Walt Disney Company reported earnings for its first fiscal quarter ended Dec. 27, 2014 after Tuesday's closing bell. Diluted earnings per share for the first quarter increased 23 percent to 1. 27 dollars from 1.03 dollars in the prior-year quarter. Its animated film Frozen heated up home entertainment and toy sales. The company's shares soared nearly 8 percent around midday Wednesday.

Latest data from Thomson Reuters showed that S&P 500 companies' per-share earnings in the fourth quarter are expected to grow 6.1 percent year on year, while revenue growth is forecast to increase 1.6 percent. A total of 273 companies in the S&P 500 have reported earnings for the fourth quarter of 2014 to date.

U.S. stocks extended rally Tuesday as oil prices surged more 7 percent to settle at their highest level in 2015. Endite