US stocks were nearly flat on Friday as weak economic data kept intact expectations of an interest rate cut next week, offsetting weakness in the technology sector after a broker downgrade of Intel Corp.
Energy shares including Exxon Mobil Corp extended this week's gains as oil prices remained high, even as they fell from a record high set earlier in the day. Oil prices fell $1 after setting another record high above $80 a barrel as two of three Texas refineries shut by Hurricane Humberto began restarting, easing fears of a lengthy production disruption.
The Dow Jones industrial average was up 6.42 points, or 0.05 percent, at 13,431.30. The Standard & Poor's 500 Index was down 0.66 points, or 0.04 percent, at 1,483.29. The Nasdaq Composite Index was down 1.88 points, or 0.07 percent, at 2,599.18.
Also helping the Dow industrials and S&P was a brokerage upgrade of United Technologies Corp, which pushed its shares up 1.3 percent to $75.98. Sanford C. Bernstein also lifted its price target on shares of the industrial conglomerate, citing long-term margin improvement at its Carrier air conditioner and Sikorsky helicopter units.
Shares of Intel declined 1.3 percent to $25.01 after Merrill Lynch cut its rating on the No 1 chip maker, according to theflyonthewall.com. The Philadelphia stock exchange index of semiconductors was down 0.2 percent.
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