U.S. stocks dip on conflicting data in quiet trading,
Dow down 0.17%
U.S. stock prices finished flat to lower on Tuesday as investors digested stronger-than-expected housing data and waning consumer confidence reports.
Many investors remained on the sidelines ahead of Fed Chairman Ben Bernanke's Friday speech at the opening of the Federal Reserve's annual symposium in Jackson Hole, Wyoming.
At the close of U.S. trading, the Dow Jones Industrial Average fell 0.17%, the S&P 500 index was down 0.08% while the Nasdaq Composite index was up 0.13%.
The Federal Reserve symposium in Jackson Hole has served as a platform in the past where Bernanke has announced stimulus measures, notably a second round of quantitative easing, or asset purchases from banks that spur economic activity.
Investors waited in the sidelines for signs that Bernanke will announce a policy shift.
Meanwhile, European Central Bank President Mario Draghi earlier canceled plans to attend the Jackson Hole symposium, which fueled talk European Central Bank may closer to intervening in sovereign debt markets to lower borrowing costs.
Yields in Spanish and Italian bond auctions fell on the news, which was bullish for stocks worldwide.
Also in the U.S., consumer confidence plunged for August to its lowest levels in 9 months.
The Conference Board said earlier that it consumer confidence index dropped to 60.6 in August from 65.4 in July, though still well above the 45.2 index level of August 2011.
Analysts were expecting a reading of 66.0.
Housing data out of the U.S. came in better than expected.
The Standard & Poor's/Case-Shiller home price index released Tuesday showed a gain of 0.5% from June 2011, the first annual increase since 2010.
Analysts were expecting the figure to contract 0.1%.
Markets kept a nervous eye on Hurricane Isaac, which was churning towards New Orleans and the energy-rich U.S. Gulf of Mexico coast at the time of the closing bell.
Leading Dow Jones Industrial Average gainers included Intel, up 0.68%, Chevron, up 0.58%, and Alcoa, up 0.47%.
The Dow Jones Industrial Average's worst performers included Hewlett-Packard, down 1.80%, Bank of America, down 1.36%, and Cisco Systems, down 0.77%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 0.80%, France's CAC 40 fell 0.90%, while Germany's DAX 30 finished down 0.64%. Meanwhile, in the U.K. the FTSE 100 fell 0.02%.
Later Wednesday, the U.S. will produce revised data on second quarter gross domestic product, the broadest measure of economic activity and the primary gauge of the economy's health.
The U.S. will also release data on pending home sales, as well as on crude oil stockpiles.
The Federal Reserve's Beige Book will also release.
