US stocks were little changed on Friday, as a mixed batch of economic data provided investors with little incentive to push equities to new records. Data continues to point to a slowly improving US economy. US growth slowed more sharply than initially thought in the fourth quarter but the underlying fundamentals remained solid, while a gauge of business activity in the US Midwest dropped to its lowest reading since July 2009 in February.
However, pending home sales rose to their highest level in 1-1/2 years in January and the University of Michigan's final February reading on the overall index on consumer sentiment slipped from an 11-year high but topped expectations. "You are in a place where the US economy is a little softer, at least the data we are getting. I would argue it is still on solid footing, it is just we are in a bit of an ebb and the market is kind of ebbing with it a little bit," said Bill Stone, chief investment strategist at PNC Wealth Management in Philadelphia.
The Dow and Nasdaq were on track for a fourth straight week of gains, while the S&P was flat for the week. The Dow and S&P 500 are near record highs and the Nasdaq is within striking distance of the 5,000 level. The Dow Jones industrial average fell 16.95 points, or 0.09 percent, to 18,197.47, the S&P 500 gained 0.57 points, or 0.03 percent, to 2,111.31 and the Nasdaq Composite dropped 2.57 points, or 0.05 percent, to 4,985.32.
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