US STOCKS-Wall Street opens flat ahead of earnings season

martes 8 de abril de 2014 10:20 GYT
 

* Eli Lilly ordered to pay $3 bln in damages in Actos case

* Alcoa earnings due after the close

* Gigamon tumbles after outlook

* Indexes: Dow off 0.08 pct, S&P up 0.04 pct, Nasdaq up 0.32 pct (Updates to open, adds quote)

By Chuck Mikolajczak

NEW YORK, April 8 (Reuters) - U.S. stocks were little changed on Tuesday, in the wake of a three-session selloff, as investors look to the start of corporate earnings season.

The benchmark S&P index was holding above its 50-day moving average around 1,840, a support level which could trigger more declines if convincingly broken. The index has managed to stay above the 1,840 level several times over the past month.

On Monday, the S&P 500 suffered its biggest three-day drop in two months and the Nasdaq posted its worst three-day decline since November 2011 as investors bid down Internet stocks and rotated into defensive names.

Biotech stocks, among the momentum names that have slumped in recent weeks, fell again on Tuesday, with Gilead Sciences Inc , down 2.4 percent to $70.49 and Biogen Idec Inc , down 1.8 percent to $288.81 among the biggest drags on the S&P 500. The Nasdaq biotech index lost 1.2 percent.   Continuación...