By Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose Wednesday as
investors waited for data on home sales and speeches from two
Federal Reserve officials.
Chart watchers kept an eye again on the S&P 500 index (SPX)
as it traded near its Jan. 15 record close of 1,848.38. The
benchmark index topped that level intraday on Monday and Tuesday
but couldn't close above it.
The S&P 500 was last up 1 points, or less than 0.1%, to
1,846, while the Dow Jones Industrial Average(DJI) edged up 5
points, also less than 0.1%, to 16,183. The Nasdaq Composite(RIXF)
gained 11 points, or 0.3%, to 4,299.
Jonathan Sudaria, dealer at London Capital Group, said that
after flat finishes in the U.S. and a mixed Asia session, it is
clear traders are feeling some trepidation.
Follow the U.S. stock market live blog.
"Where we go from here is anyone's guess, and traders will be
looking for cues before embarking on the next leg. But with all the
bearish flash points in the world at the moment -- let alone the
hidden black swan events that no one is talking about yet --
traders are well aware that a downward move is equally likely if
not more," Sudaria said in a note.
On the other hand, Kevin Marder, a MarketWatch columnist, said
there is evidence of robust speculative sentiment. (Read more: The
case for the bears weakens
http://www.marketwatch.com/story/the-case-for-the-bears-weakens-2014-02-25.)
At 10 a.m. Eastern, U.S. new-home sales data for January will be
released. Economists polled by MarketWatch expect sales to dip
slightly to 405,000, from 414,000 in December.
Boston Fed President Eric Rosengren will speak on the economic
outlook to the Boston Economic Club at noon. At 7:30 p.m, Cleveland
Fed President Sandra Pianalto discusses her 35 years at the Fed in
a speech at the College of Wooster.
In other markets, it was a choppy day in Asia, with the Nikkei
225 closing down 0.5% and the Hong Kong Hang Seng index gaining
0.5%. European stocks were in the red with the Stoxx 600 pulling
back from a six-year high reached in the prior session. Gold fell
slightly, while oil prices inched up, and the dollar rose against
the euro and the yen.
Among individual stocks, Target Corp. (TGT) jumped 4% as
investors cheered its fourth-quarter report, while TJX Cos. (TJX)
added 1% after its quarterly results.
On the downside, First Solar Inc. (FSLR) dropped 11% after the
company reported quarterly earnings late Tuesday that fell well
short of Wall Street forecasts. (Read more: Movers & Shakers
http://www.marketwatch.com/column/movers%20%26%20shakers?link=MW_Nav_MA.)
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