US stocks mixed after Obama speech, economic data

US stocks were mixed Wednesday a day after President Barack Obama pledged to work to boost lower and middle class incomes and urged Congress to avoid rash spending cuts in his annual policy speech.

An hour into trade, the Dow Jones Industrial Average was down 6.07 points (0.04 percent) at 14,012.63, wiping out modest opening gains.

The S&P 500, a broad measure of the markets, rose 4.35 points (0.29 percent) to 1,523.78, extending a five-year high reached Tuesday.

The tech-rich Nasdaq Composite climbed 17.18 points (0.54 percent) to 3,203.68.

The mostly positive sentiment on the market followed late Tuesday's State of the Union address by Obama.

"President Obama's annual agenda included a minimum-wage hike, a boost in infrastructure spending and calls for reducing the budget deficit through tax increases and spending cuts," said Wells Fargo Advisors said in a market note.

In economic data, retail sales rose slightly in January in line with expectations and import prices climbed, while December business inventories grew 0.3 percent, as estimated.

The stock indices also benefited from a favorable report on eurozone industrial production.

Comcast jumped 6.2 percent after announcing after Tuesday's market close that it was buying the remaining 49 percent stake in media and entertainment giant NBCUniversal from its joint venture partner General Electric for $18.1 billion.

Dow member GE shot up 3.5 percent, leading the blue-chip index higher.

McDonald's was the Dow biggest laggard, down 1.1 percent.

Farm and construction equipment maker Deere dropped 1.9 percent after reporting better-than-expected quarterly earnings and raising its 2013 outlook.

Duke Energy rose 0.4 percent after quarterly profit beat estimates but sales disappointed the market.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.02 percent from 1.98 percent Tuesday while the 30-year increased to 3.23 percent from 3.19 percent. Bond prices and yields move inversely.