US stocks were mostly flat on Wednesday as, for a third straight session, equities were unable to hold onto gains that took the S&P 500 near record levels. Stocks opened higher but pared gains almost immediately despite some positive housing data and strong results from retailers Target Corp and Lowe's Cos Inc. The S&P's record has been serving as a resistance level, with traders finding few reasons to push indexes out of their recent trading range.
The index is less than 1 percent below its all-time high. In a positive sign, new home sales surged to a 5-1/2-year high in January, far outpacing expectations. While much recent data has been below forecasts, analysts have pinned that to bad weather rather than worsening fundamentals. The housing data could support that theory. Lowe's rose 5.3 percent to $50.69 after the home improvement retailer reported earnings and sales growth.
The S&P retail index rose 1.5 percent. The Dow Jones industrial average was up 27.93 points, or 0.17 percent, at 16,207.59. The Standard & Poor's 500 Index was up 2.08 points, or 0.11 percent, at 1,847.20. The Nasdaq Composite Index was up 11.94 points, or 0.28 percent, at 4,299.53.
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