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 The market showed little reaction to the Federal Reserve's Beige
Book, which said severe weather across much of the United States
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, according to the Fed's report of anecdotal information on
the U.S. economy.
Data from payrolls processor ADP showed that U.S. 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. A harsh
winter has allowed traders to dismiss what appears to be a soft
patch of data, making the market susceptible to a large pullback if
the trend of weakness in data continues.
Market participants kept a close eye on developments out of Ukraine,
following the most serious confrontation between Russia and the West
over influence in Kiev and control of Crimea. Investors' global
flight to safety on Monday was reversed sharply on Tuesday. Markets
were calmer on Wednesday, but volatility was expected, given the
fluid situation in Ukraine.
While the conflict between Ukraine and Russia is a significant risk
to the global economy, "we don't expect current tensions to morph
into a full-blown international crisis," said Joseph P. Quinlan,
chief market strategist at U.S. Trust, Bank of America Private
Wealth Management in New York.
The CBOE Volatility Index <.VIX>, Wall Street's fear gauge, dropped
1.5 percent to end at 13.89.
The S&P financial sector index <.SPSY> rose 0.7 percent and led the
S&P 500's gainers. Bank of America Corp <BAC.N> shares gained 3.2
percent to $17.25. Morgan Stanley <MS.N> rose 2.8 percent to $31.97.
The tech-heavy Nasdaq index closed slightly higher, outperforming
the broader market. Facebook <FB.O> shares climbed to an all-time
high of $71.97. The stock closed up 4 percent at $71.57.
But the Dow Jones industrial average slipped, led by losses in Exxon
Mobil <XOM.N>, down 2.8 percent at $93.80, and Nike Inc <NKE.N>,
down 1.5 percent at $77.42.
The S&P energy sector index <.SPNY> slid 1.1 percent.
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The Dow Jones industrial average <.DJI> fell 35.70 points or 0.22
percent, to end at 16,360.18. The S&P 500 <.SPX> dipped just 0.10 of
a point, or 0.01 percent, to finish at 1,873.81, just below its
record closing high on Tuesday at 1,873.91.
The Nasdaq Composite <.IXIC> added 6.002 points or 0.14 percent,
to close at 4,357.974.
On Wednesday, the S&P 500 also hit an intraday record high at
1,876.53.
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. Honeywell is a diversified manufacturer of aerospace
parts and climate control and security systems. The stock ended at
$94.66, up 0.06 percent.
Canadian Solar Inc <CSIQ.O> slid 10.7 percent to $39.02 after the
solar panel maker warned of a drop in revenue this quarter as about
$100 million in sales were deferred after a severe winter.
Smith & Wesson Holding Corp <SWHC.O> shares jumped 16.4 percent to
$13.74 after the gun maker reported a 42 percent surge in its fiscal
third-quarter profit.
About 6.52 billion shares changed hands on U.S. exchanges, compared
with the 7 billion average for the past month, according to data
from BATS Global Markets.
Decliners beat advancers on the New York Stock Exchange by 1,540 to
1,436 on the New York Stock Exchange. On the Nasdaq, decliners
nearly matched advancers, with 1,321 stocks down and 1,258 up.
(Editing by Jan Paschal)
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