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Overnight Markets: Wall Street little changed as investors shrug off soft data

by Himanshu Singh on Mar 06, 2014 at 03:15

Overnight Markets: Wall Street little changed as investors shrug off soft data

Wall Street closed little changed on Wednesday, a day after the Standard & Poor’s 500 Index rose the most, as investors shrugged off soft data on jobs and the services sector while keeping an eye on developments in Ukraine.

The Dow Jones industrial average fell 36 points or 0.22%, to end at 16,360. The S&P 500 closed flat at 1,874. The Nasdaq Composite added six points or 0.14%, to close at 4,358.

Investors showed subdued reaction to the Federal Reserve's Beige Book, which said severe weather across much of the US took a toll on shopping and consumer spending in recent weeks. That led to slower economic growth or output in some areas of the country.

Data from payrolls processor ADP showed that US private-sector employers added fewer workers than expected in February. A report from the Institute for Supply Management showed the services sector continued to grow last month, albeit at a slower pace.

Market participants focused on developments out of Ukraine, following the most serious confrontation between Russia and the West over influence in Kiev and control of Crimea.

Financial shares gained, with Bank of America Corp (BAC.N) adding 3.2% and Morgan Stanley (MS.N) rising 2.8%.

Facebook (FB.O) shares closed up 4% after climbing to an all-time high of $71.97.

On the negative side, Exxon Mobil (XOM.N) was down 2.8%, and Nike Inc (NKE.N) fell 1.5%.

Elsewhere, Honeywell International (HON.N) shares hit an all-time intraday high of $95.85 after the company set a target of increasing overall sales to more than $50 billion by 2018 as it spends $10 billion on acquisitions. The stock ended up 0.06%.

Canadian Solar Inc (CSIQ.O) slid 10.7% after the solar panel maker warned of a drop in revenue this quarter.

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