US Stocks Flat A Day After Record-Setting Rally

U.S. stocks were little moved today, with the S&P 500 ending a fraction below its record close, as investors tracked developments in Ukraine and disregarded U.S. economic reports as impacted by the weather.

The Federal Reserve’s Beige Book offered confirmation that the harsh winter impacted the economy.

Ahead of the Fed release, a measure of the service sector declined and another report had the private sector adding fewer-than-projected jobs in February, with both seen as being impacted by the weather.

ADP Research Institute reported the private sector added 139,000 jobs in February, less than the 160,000 estimated.

Another report on Wednesday had the Institute for Supply Management’s non-manufacturing index for February due coming in at 51.6 in February versus a 54 reading in January.

Thursday: Bank of England rates meeting, European Central Bank rate meeting, Monthly chain store sales, 8:30 a.m.: Initial claims, 8:30 a.m.: Productivity and costs, 10:00 a.m.: Factory orders

European markets ended slightly lower. In Asia, Chinese markets moved lower as the country launched its annual parliamentary meetings in Beijing. The Shanghai Composite index fell nearly 1% and the Hang Seng in Hong Kong dropped 0.3%

News Sources:  CNBC and CNN Money

Market Update:

So the data is being blamed on the weather, I wonder how long that will last.  No doubt the sell in May and go away crowd will get going soon.

Anyway, a sense of calm came over the markets after two days of explosive moves, I suspect that tomorrow will be more of the same.  It may depend on what the ECB and Bank of England decide to do or not do.  We shall see.