Markets

Wall Street flat as data crimps sentiment

Published Updated

Separate reports showed durable goods orders fell in January by the most in three years and home prices declined in December, suggesting the economy may have started the year on a weaker foot than expected.

"The market is going to put this in the back pocket," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, referring to the durable goods data.

"The way that this market has been rallying ... (traders) don't care, and that's the bullish sentiment. It will matter eventually, but not now."

Investors awaited consumer confidence data, with sentiment underpinned by Wednesday's expected liquidity injection by the European Central Bank aimed at supporting the euro zone's ailing banking sector.

The Dow Jones industrial average was down 2.24 points, or 0.02 percent, at 12,979.27. The Standard & Poor's 500 Index was up 1.18 points, or 0.09 percent, at 1,368.77. The Nasdaq Composite Index put on 8.07 points, or 0.27 percent, at 2,974.23.

The S&P 500 closed at 1,367.59 on Monday and still faced technical resistance at 1,370. A push above that point could spur more buying as money managers chase performance.

Brent crude futures were off and hovered near $123, halting a surge that has threatened to hurt the global economy. Equity investors were still on their toes on persistent concerns over supply from the Middle East, but analysts said economic news will continue to be the driving force behind the US equities market.

Copyright Reuters, 2012