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Stocks ended narrowly mixed in a lackluster session Wednesday following a weaker-than-expected existing home sales report and as investors were reluctant to jump in following the recent market rally.
The Dow Jones Industrial Average slid 45.57 points, or 0.35 percent, to close at 13,124.62, led by H-P and Alcoa .
The S&P 500 declined 2.63 points, or 0.19 percent, to end at 1,402.89. The Nasdaq added 1.17 points, or 0.04 percent, to finish at 3,075.32, earlier reaching a new 11-year high.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, closed near 15.
Among the key S&P sectors, energy was the biggest laggard, while telecoms ended higher.
“There are not a lot of real tells going on today,” said Tom Donino, co-head of equity trading at First New York Securities. “The market’s a little overbought and overextended in the short-term and seems to be in need of a correction, which will be healthy.”
On the economic front, existing home sales posted a surprising declineof 0.9 percent in February, according to the National Association of Realtors. In addition, supply of properties on the market gained, further pointing to ongoing worries for the housing recovery.
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