Wall Street ends flat as investors pull back
By Caroline Valetkevitch | February 7, 2013 8:42 AM EST
Stocks ended mostly flat on Wednesday, taking another pause in the recent rally that has driven the S&P 500 to five-year highs, as transportation and technology shares lost ground.
Transportation stocks were among the worst performers. Shares of CH Robinson Worldwide
Without a strong catalyst, the market could struggle to continue its rally, analysts said. The benchmark S&P 500 index has advanced 6 percent this year, reaching its highest since December 2007, while the Dow Jones industrial average <.DJI> has risen above 14,000 recently.
"The fact that we've gone since November without seeing one, from a timing perspective, it wouldn't be a surprise to see one now."
With fourth-quarter earnings nearing an end, the market will be losing one of its big supports, said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. "That's one thing that's been holding the market up," he said.
Shares of Time Warner Inc
The Dow Jones industrial average <.DJI> was up 7.22 points, or 0.05 percent, at 13,986.52. The Standard & Poor's 500 Index <.SPX> was up 0.83 points, or 0.05 percent, at 1,512.12. The Nasdaq Composite Index <.IXIC> was down 3.10 points, or 0.10 percent, at 3,168.48.
Also causing some strain on the market, investors have been speculating about leadership changes in Spain and Italy and watching for comments from European leaders, analysts said. European Central Bank policymakers are due to meet Thursday.
The Dow Jones Transportation average <.DJT> was down 0.2 percent after hitting another record high on Tuesday. The average is up 10.7 percent for the year so far and has made a series of new highs since mid-January.
According to Thomson Reuters data, of 301 companies in the S&P 500 that have reported earnings, 68.1 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 65.8 percent of companies have topped forecasts.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 4.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
Walt Disney Co's
Advancers outpaced decliners on the NYSE by roughly 17 to 12 and on the Nasdaq by about 13 to 11.
(Editing by Bernadette Baum, Kenneth Barry and Nick Zieminski)
Join the Conversation
- Russia Is Ready for Shooting War, Will Likely Win Looming Nuclear Showdown with U.S. – Report
- Black Friday And Cyber Monday Sale 2014: AT&T's Cricket Wireless Offers Discounts On Lumia 1320, Galaxy S5, S4 And HTC Desire 510
- Microsoft Band Runs Out Of Stock, But Offers $10 Gift Voucher To Wait-Listed Customers
- ISIS Kidnaps Iraqi Defence Minister’s Family, Executes Female Parliament Candidates
- '$2,000 For Sex'—Pleads Unlucky-in-Love Guy On OKCupid
- Google Joins Forces with GoPro Inc with New Google Maps Focusing on Destination
- Target Early Black Friday 2014 Sale Ad Released For Nov. 26, 2014 Includes Deals On Toys, HDTVs And Video Games Such As ‘FIFA 15’ And ‘NHL 15’ For Xbox 360 [WATCH VIDEO]