Press Association
Sunday 12th February 2012
Mixed economic reports have kept the stock market to only modest moves but gains for the week were strong.
Uneven figures on retail sales and consumer confidence gave investors little new insight into the economy.
The reports weren't enough to propel the market higher a day after the Standard & Poor's 500 index closed at a 17-month high. That index slipped today but the Dow Jones industrial average tacked on nearly 13 points.
Major stock indicators climbed for the week after investors grew more upbeat about the health of banks. Shares of Citigroup Inc. rose 13.4 % for the week.
Stocks had been modestly higher at the start of trading after a surprising increase in February retail sales. The Commerce Department said retail sales rose 0.3 % last month. Analysts had expected a drop.
A weaker report on consumer sentiment disappointed traders. The preliminary Reuters/University of Michigan consumer sentiment index for March fell to 72.5 from 73.6 in late February.
Investors were also displeased with the Commerce Department's report that inventories were unchanged. Economists had forecast an increase. Analysts are hoping that businesses will restock store shelves on a consistent basis, which would be a positive signal for the economy.
The reports come as investors look for more signs about the economy's direction. The market bounced higher in the prior week after the Labour Department said employers cut fewer jobs in February than economists had expected. But trading has been more subdued since then amid little fresh news about the economy.
The Dow industrial average rose 12.85, or 0.1 %, to 10,624.69. The broader S&P 500 index fell 0.25, or less than 0.1 %, to 1,149.99.
The Nasdaq composite index fell 0.80, or less than 0.1 %, to 2,367.66. It stands at an 18-month high.
