By Jonathan Cheng
U.S. stocks drifted for another day, finishing a smidgeon higher
as investors awaited an agreement among Greek politicians on
reforms ahead of the country's second international bailout.
The Dow Jones Industrial Average inched 5.75 points, or 0.04%,
to 12883.95, a fresh high that stretches back to May 19, 2008. The
Standard & Poor's 500-stock index gained 2.91 points, or 0.22%,
at 1349.96, while the Nasdaq Composite rose 11.78 points, or 0.41%,
to 2915.86.
Energy stocks dragged the broader market lower, as crude-oil
prices pulled back from morning gains. Exxon Mobil fell 0.6%.
Financial and technology stocks offset some of the declines. Bank
of America gained 3.6% to lead the Dow components, while
Hewlett-Packard rose 1.8%.
Investors kept a close watch on developments in Europe, after
The Wall Street Journal reported the European Central Bank, one of
Greece's largest creditors, may include its bonds in the debt
restructuring.
In Athens, Greek Prime Minister Lucas Papademos was still
looking to secure the approval of party leaders backing his
government on a raft of painful reforms ahead of a possible meeting
of euro-zone finance ministers in Brussels on Thursday evening.
International lenders have asked Greece to come up with EUR3.2
billion ($4.2 billion) in spending cuts for 2012 alone. They have
also been demanding a reduction in private-sector minimum wages,
new cutbacks in government spending, the layoff of some 15,000
civil servants in Greece's public sector in 2012 and steep cuts in
supplemental pensions paid to retirees.
The Stoxx Europe 600 finished with a slight decline of 0.2%,
while indexes in France and Germany ended down less than 0.1%
each.
The mixed reaction among U.S. and European stock investors came
amid a seven-week advance that many investors say has left stocks
at a crossroads. It has frustrated investors waiting for a decline
to buy into.
"It takes a lot of energy to be worried every day, and at some
point, people get tired," said Chris Innes, head of institutional
equity sales in the Americas for BNP Paribas. "I'm still not seeing
a lot of conviction. You don't see investors pounding the table,
saying, 'This is a great environment to buy risk in.' ... Sentiment
is still poor, and the issues hanging over us last year, with
Europe being the focal point, continue."
Asian exchanges finished broadly higher. China's Shanghai
Composite led the way with a 2.4% gain after China's central bank
said it would help support first-time home buyers. Japan's Nikkei
Stock Average rose 1.1%.
Gold futures fell 1% to about $1,729.30 an ounce, while copper
rose 0.9% to a nearly five-month high. Crude-oil futures pared
strong gains to rise 0.3% to $98.71 a barrel. The dollar slipped
against the euro and gained on the yen. Treasurys traded flat, with
the yield on the benchmark 10-year note slipping to 1.9745%.
Walt Disney gained 0.7% after the blue-chip entertainment
company reported fourth-quarter earnings that topped estimates but
revenue that fell short.
Time Warner edged up less than 0.1% after the media company
reported fourth-quarter earnings and revenue that were above
forecasts and increased the quarterly dividend by 11%, to 26 cents
a share.
Sprint Nextel fell 1.6% after the wireless carrier reported a
wider fourth-quarter loss on some charges, though the carrier
posted a rare gain in contract subscribers due in part to offering
the iPhone for the first time on its network.
Ralph Lauren surged 9.2% after the upscale retailer forecast
continuing strong sales, calling for an increase of 20% in the
current year.
IntercontinentalExchange gained 6% after the exchange operator
said it expects 2012 revenue to grow by at least 10% on rising
demand for the derivatives-exchange operator's commodity markets.
Atlanta-based ICE also reported a 28% rise in fourth-quarter
earnings.
Teekay Tankers slumped 12% after the oil-tanker company said it
was planning a public offering of 15 million common shares.
Buffalo Wild Wings shot up 17% after the company's
fourth-quarter results topped estimates, and its same-store sales
growth so far in the current quarter is well above the
fourth-quarter growth rate.
CVS Caremark gained 1.1% after the company reported
fourth-quarter earnings that matched estimates and raised its
full-year earnings outlook.
Caesars Entertainment, which began trading this morning, jumped
71% after selling a tiny slice of its stock to investors.