Wall Street closed unchanged on Monday, with the Standard & Poor’s 500 Index snapping a six-day rally, as General Electric Co. led industrial shares decline to offset gains among energy producers.
The Dow Jones industrial average was down 10 points or 0.06%, to 16,937, the S&P 500 closed flat at 1,963 and the Nasdaq Composite added one point to end at 4,369.
While Wall Street's uptrend is still viewed as intact, investors are looking for catalysts to deliver more robust gains, and recent economic data has been mixed.
US May existing home sales increased at more than twice the rate of growth expected, while a preliminary read on June manufacturing hit its highest since May 2010. Other surveys of manufacturers gave positive signals for the global economic outlook, but dark clouds remained over Europe.
Energy shares gained the most, with Wisconsin Energy (WEC.N) agreeing to acquire Integrys Energy Group Inc (TEG.N) in a deal valued at $9.1 billion. Integrys was the S&P 500's biggest percentage gainer, up 12.1%, while Wisconsin fell 3.5%.
Oracle Corp (ORCL.N) agreed to buy Micros Systems (MCRS.O) in a $5.3 billion deal. Micros rose 3.4% while Oracle rose 0.7%.
Micron Technology Inc (MU.O) was little changed in heavy after-hours trading after reporting third-quarter results.
Industrial shares declined as General Electric Co (GE.N) fell 1.1% while Boeing Co (BA.N) was off 0.9%.
ParkerVision Inc (PRKR.O) plummeted 63% after a federal judge overturned a jury verdict that ordered Qualcomm Inc (QCOM.O) to pay $173 million for infringing patents.
In Asia, shares oscillated between gains and losses on Tuesday as information technology shares led gains and regional energy explorers fell as Iraqi army victories damped concern the nation’s oil supplies will be disrupted.
The MSCI Asia Pacific Index was little changed at 145 as of 11:20 a.m. in Tokyo. South Korea’s Kospi index added 1%. Australia’s S&P/ASX 200 Index fell 0.4%, while New Zealand’s NZX 50 Index lost 0.2%. Taiwan’s Taiex index gained 0.4%. Singapore’s Straits Times Index added less than 0.1%.
Japan’s Topix index lost 0.3%. Hong Kong’s Hang Seng Index rose 0.2% after slumping the most in three months yesterday. The Shanghai Composite Index slipped 0.1%.