By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rebounded from early
losses but were range-bound on Tuesday, as investors digested mixed
economic reports on housing, manufacturing and consumer
confidence.
Tuesday marks the end of the month and the third quarter, and
it's been a bumpy ride for stocks. The S&P 500 is on track for
a drop of 1.1% in September, while eking out a gain of 1% for the
quarter. Also read: Why you should ignore October crash
warnings
In Tuesday action. the S&P 500 (SPX) was up 2 points, or
0.1%, at 1,980.10. The Dow Jones Industrial Average (DJI) added 42
points, or 0.2%, to 17,112.07. The Nasdaq Composite (RIXF) added 7
points, or 0.2%, to 4,513.17.
Karyn Cavanaugh, senior market strategist with Voya Investment
Management, pointed out that while headline numbers on Tuesday's
economic reports were weaker than expected, the numbers still
showed a healthy economy.
All gravy up to week's end: Annual home price growth slowed down
in July to the slowest pace since late 2012, according to the
S&P/Case-Shiller home-price index. The Chicago PMI slowed to a
still-strong reading in September, with inventories rising at the
highest pace in 41 years. Consumer confidence index fell sharply in
September for its first decline in five months.
Investors also are looking across the Atlantic, where eurozone
inflation hit a five-year low in September, and German jobless data
disappointed, both which arguably could add pressure for the
European Central Bank to launch full-scale quantitative easing
soon. The ECB meets on Thursday, but economists widely expect the
bank to hold back on more aggressive policy measures for now and
instead provide details on its program for purchasing asset-backed
securities, which was announced at the September meeting.
The Thursday ECB meeting will be one of the week's more closely
watched events. The other is is Friday's monthly jobs report, where
economists want to see strong, but not overly strong, jobs
growth.
Stocks to watch: Move (MOVE) leapt 37% after News Corp. (NWSA)
(NWS) said it would buy the online real-estate business in an
all-cash deal for $21 a share. News Corp. owns MarketWatch, the
publisher of this report.
EBay (EBAY) shares leapt 7.7% after the firm announced plans to
spin off PayPal in a transaction expected to be completed in the
second half of 2015.
Ford (F) shares were under pressure after cutting its full-year
earnings outlook on expectations it will lose $1.2 billion in
Europe this year.
Supervalu (SVU) shares fell 1.8% after itit found more
data-capturing malware at stores on Monday.
Catalyst Pharmaceutical Partners (CPRX) is up 16% after the
biotech said late Monday a late-stage study showed its Firdapse
treatment benefited sufferers of an autoimmune disorder that causes
muscle weakness. Read more about the day's notable stocks in Movers
& Shakers.
Other markets: Hong Kong's Hang Seng Index fell 1.3% as
pro-democracy protests continued, though many worried about a
possible crackdown. Europe stocks pushed higher on the heels of
downbeat data. The euro (EURUSD) pushed lower against the dollar
after eurozone inflation data.
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