Wall Street flat after Greek deal, Wal-Mart drags
Stocks were little changed on Tuesday as enthusiasm waned over a deal to enable Greece to avoid a March default, while Wal-Mart weighed on the Dow after lower-than-expected results.
Analysts said the deal was already priced into a stock market that has risen more than 8 percent for the year. Also, the muted response came as questions remained about Greece's dismal economic outlook.
It's been digested, rehashed, priced into the market and though it is nice to see it (at) a point where we have a second deal, it doesn't lend investor confidence to think the ultimate outcome of what is going on in Greece is going to be something to help the euro zone turn on a dime, said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.
An agreement on a 130 billion euro ($172.47 billion) bailout was reached after Greece was forced to accept unpopular fiscal measures, and private sector bondholders agreed to steeper losses.
Even with the new bailout, Greece faces a long road to economic recovery. European Union officials said the Greek economy will only return to growth in 2014 after a recession that will shrink output by 17 percent.
The Dow Jones industrial average <.DJI> was up 9.61 points, or 0.07 percent, at 12,959.48. The Standard & Poor's 500 Index <.SPX> added 2.19 points, or 0.16 percent, at 1,363.42. The Nasdaq Composite Index <.IXIC> put on 3.00 points, or 0.10 percent, at 2,954.78.
Wal-Mart Stores Inc
Home Depot Inc
Macy's Inc
The Morgan Stanley retail index <.MVR> dipped 0.2 percent. The S&P retail index <.RLX>, which excludes Wal-Mart, gained 0.5 percent.
Kraft Foods Inc
Apple Inc
Separately, a Chinese court will deliberate on a request by troubled technology company Proview to halt the sale of Apple iPads in Shanghai.
Dell Inc
Earnings season continued to wind down this week, with 59 companies scheduled to report. According to Thomson Reuters data through Tuesday morning, of the 418 companies in the S&P 500 that have reported earnings, 64 percent have topped analyst expectations.
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)
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