US stocks stuck close to unchanged in quiet trading on Monday, as investors sifted through a slew of earnings and awaited the release of economic indicators later this week for more clues on the economy.
Boeing Co lent support to the blue chip Dow, after the aerospace company said it received a large plane order from a Japanese airline. But weakness in Microsoft Corp dragged the technology-laden Nasdaq lower, as investors unloaded shares of the software company after its earnings-driven leap last week.
"Things are very quiet. The reason for that is there's not a lot of intraday stimulus we're seeing now," said Weston Boone, vice president of listed trading at Legg Mason Wood Walker in Baltimore.
Investors were looking ahead to Thursday, Boone said, when the government will issue data on weekly jobless claims and a closely eyed report on first-quarter gross domestic product, this year's first snapshot of US economy's performance.
"We're still in middle of earnings season, and don't have a lot of economic numbers out, besides housing. There's not a lot of event-related activity in the market today," Boone said.
The Dow Jones industrial average dipped 9 points or 0.08 percent to 10,464. The Standard & Poor's 500 Index was off 3 points, or 0.25 percent, at 1,138. The Nasdaq Composite Index slipped 9 points, or 0.44 percent, to 2,041.
In economic news, the government reported new home sales in March jumped to a record high. Though the report underscored the housing market's strength, traders said it also heightened fears of an early interest-rate hike by the Federal Reserve.
Boeing was among the Dow's top percentage gainers, on news that it received an order for 50 7E7 Dreamliners from Japan's All Nippon Airways. Boeing shares gained 57 cents, or 1.3 percent, to $43.02.
The order for the 7E7, which was designed to save airlines money on fuel and operating costs, marks the single largest launch order in Boeing's history.
TXU Corp shares rallied, after the power company said it sold over $4.2 billion in assets in Texas and Australia. Shares of TXU shot up $3.90, or 13 percent, to $33.53 and were among the New York Stock Exchange's most actively traded issues.
TXU, which is rebuilding following the collapse of its European unit in late 2002. also said it bought back preferred shares in deals that will cut its debt by 42 percent, helping it refocus on its core electric utility business.
But Microsoft was the biggest drag on the S&P 500, as investors locked in gains from last week, when the world's No 1 software maker reported encouraging quarterly results. Its shares fell 38 cents or 1.4 percent to $27.16.
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