Wall Street flat on day after S&P record; Ukraine in focus

By Angela Moon

NEW YORK (Reuters) - U.S. stocks barely moved on Wednesday, a day after the S&P 500 hit a new all-time high, as investors shrugged off soft data on jobs and the services sector while keeping an eye on developments in Ukraine.

The market showed little reaction to the Federal Reserve's Beige Book, which said severe weather across much of the United States took a toll on shopping and consumer spending in recent weeks. That led to slower economic growth or output in some areas of the country, according to the Fed's report of anecdotal information on the U.S. economy.

 

U.S. private-sector employers added fewer workers than expected in February while the services sector continued to grow, albeit at a slower pace. A harsh winter has allowed traders to dismiss what appears to be a soft patch of data, making the market susceptible to a large pullback if the trend of weakness in data continues.

Market participants kept a close eye on developments out of Ukraine, following the most serious confrontation between Russia and the West over influence in Kiev and control of Crimea. Investors' global flight to safety on Monday was reversed sharply on Tuesday. Markets were calmer on Wednesday, but volatility was expected, given the fluid situation in Ukraine.

"With earnings out of the way here, we are in sort of a quiet period. The focus is on Ukraine and any news coming out of there would be a major market-moving event one way or another," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York.

The Dow Jones industrial average fell 36.66 points or 0.22 percent, to 16,359.22. The S&P 500 dipped 0.73 of a point or 0.04 percent, to 1,873.18. The Nasdaq Composite added 2.902 points or 0.07 percent, to 4,354.874.

The S&P financial sector index rose 0.6 percent and led the S&P 500's gainers. Bank of America Corp shares gained 2.9 percent to $17.20. Morgan Stanley rose 2.6 percent to $31.91.

The tech-heavy Nasdaq index was slightly higher, outperforming the broader market. Facebook shares rose to an all-time high of $71.97. The stock was up 4.3 percent at $71.78 in afternoon trading.

Honeywell International shares also hit an all-time intraday high of $95.85 after the company set a target of increasing overall sales to more than $50 billion by 2018 as it spends $10 billion on acquisitions. Honeywell is a diversified manufacturer of aerospace parts and climate control and security systems. The stock was up 0.4 percent at $94.97.

Canadian Solar Inc slid 12.5 percent to $38.28 after the solar panel maker warned of a drop in revenue this quarter as about $100 million in sales were deferred after a severe winter.

Smith & Wesson Holding Co jumped 18.2 percent to $13.95 after the gun maker reported a 42 percent surge in its fiscal third-quarter profit.

(Editing by Jan Paschal)