US STOCKS-Wall St little changed as Oracle fall counters Alibaba hype
(Updates prices, adds comment)
* Indexes: Dow up 0.15 pct, S&P flat, Nasdaq off 0.35 pct
By Rodrigo Campos
NEW YORK, Sept 19 (Reuters) - U.S. stocks were little changed mid-session on Friday after Alibaba's strong debut was offset by falling technology shares as Oracle and Yahoo stumbled.
The Dow and S&P 500 set fresh record highs in morning trading, supported by the Federal Reserve's commitment earlier this week to keeping interest rates at rock-bottom levels.
"Continued M&A, Alibaba generating gains for investors, this isn't enough reason for most investors to sell," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey
"The biggest risks to the market are geopolitical or a real sharp rise in rates," he said. "The first one is hard to predict and the second doesn't seem imminent; I guess investors will stay (invested in equities) for a while to come."
Technology shares were weighing on the S&P 500 with Oracle down 4.8 percent at $39.57 after Larry Ellison, co-founder and leader for 37 years, stepped aside as chief executive. He will be replaced by co-CEOs Safra Catz and Mark Hurd, raising questions about a job-sharing arrangement that has had mixed records elsewhere.
Alibaba priced its initial public offering at $68 a share and opened up 36 percent at $97.20. Shares of Yahoo , which is selling part of its Alibaba stake but will remain a top shareholder, were volatile in heavy volume and recently traded down 3.6 percent at $40.56. Continuación...