By Carla Mozee and Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks vacillated between small
gains and losses Wednesday, with the S&P 500 catching its
breath somewhat after a losing streak that's been blamed in part on
worries about global growth and Mideast fighting.
Investors are on the lookout for speeches by Federal Reserve
officials later in the day. A stronger-than-expected report on
new-home sales didn't spark big moves by the main indexes.
The S&P 500(SPX) was last up less than 1 point to 1,983.
Energy performed worst among the S&P's 10 sectors, while
consumer staples fared best. The benchmark has closed lower for
three days in a row, pulling back from last Thursday's record
close.
The Dow Jones Industrial Average(DJI) edged up 12 points, or
0.1%, to 17,068. The blue-chip gauge has finished lower for two
straight days, retreating from its record close Friday.
Meanwhile, the tech-heavy Nasdaq Composite(RIXF) added 5 points,
or 0.1%, to 4,514, while the small-cap Russell 2000(RUT) -- which
has lagged the other indexes this month and this year -- gained
less than 1 point to 1,119.
(Read more in Need To Know: Investors, media fixated on
imploding small-cap stocks
http://www.marketwatch.com/story/gold-10000-and-why-golden-is-worse-than-death-when-it-comes-to-crosses-2014-09-24.)
Trading rebound fades: The main indexes advanced to their
session highs out of the gate Wednesday, but then lost steam.
Wednesday's early advance may have been more of a trading rebound
than anything else, said Colin Cieszynski, chief market strategist
at CMC Markets.
"Economic news flow has been light," he said in a note, adding
that "monetary policy direction (more dovish in Europe, more
hawkish in the US) hasn't really changed."
Today's key economic news: The Commerce Department said sales of
new single-family homes surged 18% in August to a seasonally
adjusted annual rate of 504,000, the fastest pace in more than six
years. Economists polled by MarketWatch had expected a sales rate
of 426,000.
Investors are also awaiting hints on Wednesday afternoon about
the Federal Reserve's timetable for raising interest rates.
Cleveland Fed President Loretta Mester, a voting member of the
central bank's policy committee this year, is due to speak at 12:15
p.m. Eastern. Her speech may deliver "the most potentially
significant news of the day," Cieszynski said.
Chicago Fed President Charles Evans, who will be a voting member
on the rate-setting panel in 2015, is expected to speak at 1 p.m.
Eastern.
Movers and shakers: Bed, Bath & Beyond (BBBY) shares climbed
more than 6% to lead the S&P 500 after the home-furnishings
retailer late Tuesday posted better-than-expected quarterly
earnings.
Accenture (ACN) shares fell nearly 2%, making it one of the
worst performers on the S&P 500, after the consulting firm
issued a cautious outlook for its next fiscal year.
(Read more in the Movers & Shakers column
http://www.marketwatch.com/story/bed-bath-beyond-kb-home-jabil-likely-in-focus-2014-09-24.)
Other markets: Japan's Nikkei Average shed 0.2%. Meanwhile, the
dollar fell against the yen (USDJPY) after Japan's prime minister
said he's cautious about the yen's recent weakness.
European stocks mostly gained after initially wavering following
a sluggish reading on German business confidence. Gold futures
(GCZ4) dipped, and oil futures(CLX4) also declined.
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