US STOCKS-Wall St zigzags with eyes on currencies

* Euro choppy vs. dollar as G20 meetings to continue

* SanDisk, Baidu shares jump a day after earnings

* Dow down 0.1 pct, S&P up 0.1 pct; Nasdaq up 0.2 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to morning trading)

By Rodrigo Campos

NEW YORK, Oct 22 (BestGrowthStock) – U.S. stock indexes were little
changed on Friday as a Group of 20 nations meeting that sought
a common path to manage global trade, currency and
macroeconomic imbalances kept investors skittish and markets
choppy.

The S&P 500 sent a bullish signal as the index’s 50-day
moving average crossed above its 200-day moving average, a
technical event known as a golden cross. That upward momentum
indicator last occurred in June 2009, and the benchmark rose
more than 35 percent in the following 10 months.

“The driver of the stock market since September has been
quantitative easing (QE), and one of its effects is a weaker
(U.S.) currency,” said Gary Flam, portfolio manager at Bel Air
Investment Advisors in Los Angeles.

“People are considering a lot of QE priced in. It’s a very
low conviction market, and that has been causing lots of
swings.”

The U.S. dollar zigzagged against a basket of currencies
(.DXY: ) on wariness over what, if any, deal would be reached at
the G20 rich and emerging nations meeting in South Korea. The
euro also traded choppily against the greenback.
[ID:nTOE69L00U]

The Dow Jones industrial average (.DJI: ) dropped 12.87
points, or 0.12 percent, to 11,133.70. The Standard & Poor’s
500 (.SPX: ) gained 1.27 points, or 0.11 percent, to 1,181.53.
The Nasdaq Composite (.IXIC: ) rose 5.52 points, or 0.22 percent,
to 2,465.19.

Buoying the Nasdaq, SanDisk Corp (SNDK.O: ) gained 1.5
percent to $37.68 and Baidu Inc (BIDU.O: ) rose 5 percent to
$107.57 a day after both companies posted results.

Two top U.S. Federal Reserve officials gave competing views
on the need for more stimulus for the economy, continuing a
public debate over further monetary easing, even though the
Fed’s core view appears to favor such a move. [ID:nN21128261]

Growing speculation in recent weeks that the Fed will
extend the quantitative easing measures at its next meeting in
November has pressured the dollar while boosting equities, but
uncertainty over the extent of the stimulus has caused some
market volatility.

Equity markets have traded of late in tandem with the euro,
with S&P futures rising along with Europe’s single currency.
For a Q&A, see [ID:nN2199257].
(Editing by Padraic Cassidy)

US STOCKS-Wall St zigzags with eyes on currencies