Markets flat as earnings offset Greece fears
U.S. stocks were little changed on Tuesday as strong earnings offset German demands for new austerity measures from Greece that prompted more worries over shaky Greek debt.
Financial stocks were also in focus as the chief executive of Goldman Sachs Group Inc testified before a Senate subcommittee examining Goldman's role in the financial crisis. The stock was up 0.5 percent to $152.76.
Greek bonds sank to new lows as investors speculated on the possibility the region's rich governments will fail to agree on a bailout in time to prevent a Greek sovereign debt default.
Both DuPont and Co
The really strong earnings we've seen have been sort of overshadowed by the concerns over Greece and Goldman, but the market could turn positive on (the earnings), said Eric Kuby, chief investment officer at North Star Investment Corp in Chicago.
The Dow Jones industrial average <.DJI> was up 9.68 points, or 0.09 percent, at 11,214.71. The Standard & Poor's 500 Index <.SPX> was down 1.64 points, or 0.14 percent, at 1,210.41. The Nasdaq Composite Index <.IXIC> was down 0.75 points, or 0.03 percent, at 2,522.20.
Ford Motor Co earnings topped estimates and the carmaker raised its 2010 forecast, while Texas Instruments Inc reported earnings that beat estimates late Monday and forecast better-than-expected revenues. Ford fell 4.2 percent to $13.86, while TI was down 1.8 percent at $26.66.
On the data front, home prices fell in the month of February, but rose from a year ago for the first time in more than three years, Standard & Poor's said. Separately, the Conference Board reported consumer confidence was up more than expected in April to the highest level since September 2008.
If you consider both sides of the home prices coin, the fact that there's stabilization is more important than it being a little below estimates, said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.
About two stocks fell for every one that rose on the New York Stock Exchange, while on the Nasdaq slightly more stocks fell than rose.
(Editing by Jeffrey Benkoe)
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