Equities Pause the 3-Day Run

4:22 PM, Mar 3, 2010 --

• NYSE up 28.7 (0.4%) to 7,164.66.
• DJIA down 9 (0.1%) to 10,397.
• S&P 500 up 0.5 (0.04%) to 1,119.
• Nasdaq flat (0.00%) to 2,281.

GLOBAL SENTIMENT

• Hang Seng down 0.14%
• Nikkei up 0.31%
• FTSE up 0.94%

UPSIDE MOVERS

(+) NOVL confirms offer.

(+) HOV reports largely in line.

(+) AMCF reports improved Q4 results.

(+) LSCC raises guidance.

(+) CSIQ misses with earnings, beats with revenue.

DOWNSIDE MOVERS

(-) MDVN says phase 3 trial of Alzheimer's treatment does not meet endpoints.

(-) PFE says phase 3 trial with MDVN of Alzheimer's treatment does not meet endpoints; Bloomberg report mentions possible generic acquisition.

(-) VISN guides below Street.

(-) NFLX downgraded.

(-) COST misses with results.

MARKET DIRECTION

The major averages close flat to mostly lower, with just the S&P 500 ending barely in the green. Stocks bobbed between slim gains and losses late in the trading day, giving up early declines that followed steps by Greece to fix its debt burden and a round of mostly positive U.S. economic data. Oil closed above $80.

Health care stocks were leading the retreat after President Obama stepped up his call for passage of legislation. Stocks also pared gains after the latest Fed's Beige Book report, which offered few surprises.

Oil futures gained $1.19 a barrel, or 1.5%, to $80.87 a barrel Wednesday as the dollar fell and jobs data improved. Wednesday marked the first time since Feb. 24, when the April contract closed at $80, that oil has settled at or above the $80 level.

President Barack Obama asked lawmakers to schedule an "up or down" vote on overhaul legislation in the next few weeks.

Wall Street also had several economic reports to chew over.

Most recently, the Federal Reserve's beige book of regional economic conditions was consistent with officials' recent commentary on a gradual recovery.

"Economic conditions continued to expand since the last report, although severe snowstorms in early February held back activity in several districts," said the so-called Beige Book summary prepared by the Kansas City Fed, according to Reuters.

Earlier, payroll giant Automatic Data Processing (ADP) reported a fewer-than-expected private-sector job losses and the latest offering from Challenger Gray & Christmas showed planned layoffs falling.

The Institute for Supply Management (ISM) said U.S. non-manufacturing activity, a measure of the service sector, expanded at a faster-than-expected pace in February.

Stocks started out on higher ground after the Greek government announced a new austerity plan Wednesday totaling €4.8 billion ($6.53 billion) to ensure it can meet its deficit-cutting pledge this year, including steep cuts in civil service salaries and entitlements. Greece will also raise its sales tax by two percentage points.