NEW YORK (TheStreet) -- After spending much of the afternoon trading near intraday lows, the major U.S. stock markets finished Tuesday little changed following a short-term period of consolidation.
The S&P 500
"We've gotten a little bit overdone to the upside and now you're seeing signs of things stalling out a bit," Greywolf Execution Partners' chief technical analyst Mark Newton explained from the floor of the New York Stock Exchange. Another move higher right away would be tough without first seeing a bit of consolidation or pullback, he said.
Reuters reported on Tuesday that a humanitarian convoy of 280 trucks was heading to eastern Ukraine from Russia, sparking suspicions that Moscow was attempting a military intervention by stealth. The French current account deficit gaped wider and the latest economic confidence index from Germany’s prestigious ZEW economic research center dropped to well below the consensus. The possibility of early U.S. interest rate hikes remained a concern amid the steady flow of better-than-expected economic data.
The Department of Labor Job Openings and Labor Turnover Survey for June rose to 3.3% in June from 3.2% in May, the government reported on Tuesday. The July NFIB Small Business Optimism Index reported an uptick of 0.7 points to 95.7.
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-- By Andrea Tse in New York
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