Major indexes mostly flat amid cautious trading

The Dow and S&P 500 ended barely changed Monday, suggesting that even several days of losses have not convinced institutions share prices are attractive. But investors had no change of heart about the economy and again poured money into the safety of U.S. Treasurys. The yield on the benchmark 10-year Treasury note fell to 2.57 percent from 2.68 percent late Monday.

The Dow Jones industrial average closed down just over a point, but the other indexes had slight gains. There were more winners than losers on the New York Stock Exchange.

Investors were dealing with more downbeat economic news, but it wasn't bad enough to set off significant selling. A report on manufacturing in New York State fell short of forecasts, and Japan became the latest country to show signs of slowing growth. Reports also raised investors' concerns about the pace of the global economic recovery. Meanwhile, China eclipsed Japan as the second-biggest economy - after the United States - in the second quarter, though Japan is still far richer per person.

Analysts said yesterday's short buying spurt was a pause following four days of losses that sent the Dow down almost 400 points. "The market is really being controlled by [short-term] traders," said Mike Rubino, chief executive at Rubino Financial Group in Troy, Mich. "The long-term investor doesn't appear to be anywhere in sight." Without long-term investors, trading is expected to remain erratic.

The Dow fell 1.14, or 0.01 percent, to 10,302.01. The Standard & Poor's 500 index rose 0.13, or 0.01 percent, to 1,079.38, while the Nasdaq composite index rose 8.39, or 0.4 percent, to 2,181.87. - AP