Wall Street Stocks Flat After Trade Data

Wall Street Stocks Flat After Trade Data

Stocks went flat on Monday as economic data in China and this week's Federal Open Market Committee announcement gave investors reason to pause.

China's trade balance alarmingly plunged $31.5 billion in February as imports swamped exports leaving the largest deficit in at least a decade.

The data cast has tainted the global economic growth prospects despite recent reports pointing to improving domestic economy.

Giant investors will also scrutinize Tuesday's statement from the central bank's Federal Open Market Committee for any indications in the direction on monetary policy.

"This is definitely the market in pause mode, looking for anything out of the FOMC which is going to give the market some sort of direction in terms of - not rates so much because that is a foregone conclusion - but direction in terms of guideposts for rate change," Peter Kenny, Knight Capital In Jersey City managing director said.

Stocks were shaken recently after Federal Reserve Chairman Ben Bernanke failed to give a strong signal of more stimulus during his testimony in front of the House of Representatives Financial Services Committee.

The Dow Jones industrial average gained 10.82 points, or 0.08 percent, to 12,932.84. The Standard & Poor's 500 Index dropped 0.73 points, or 0.05 percent, to 1,370.14. The Nasdaq Composite Index dropped 0.64 points, or 0.02 percent, to 2,987.70.

Oil prices retreated, with Brent crude below $125 a barrel as Middle East supply concerns eased, overshadowed by global economy and demand worries. The PHLX oil service index slipped 1.2 percent, led lower by a 4.2 percent drop in Tidewater Inc.

Posted by James Fried on Tuesday March 13 2012, 5:02 AM EST. Ref: CNN. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0