Stocks flat amid mixed economic reports

Specialists Thomas Bishop, left, and Michael Pistillo work at their... — Specialists Thomas Bishop, left, and Michael Pistillo work at their post on the floor of the New York Stock Exchange last week. Energy markets paid very close attention to the movements of tropical storm Isaac Tuesday as it appeared to be blooming into a hurricane. (Aug. 15, 2012) Credit: AP

August 28, 2012

Mixed economic data kept the stock market hovering near break-even Tuesday. One report on home prices looked encouraging, and another on consumer confidence was worrisome.

House prices increased in all major U.S. cities in June, according to the closely watched Standard & Poor's/Case-Shiller home-price index. The report was the latest sign that the housing market has been gaining strength.

But The Conference Board said its consumer confidence index fell to its lowest point since November 2011. Economists had expected a much higher reading. The index was 60.6, down from 65.4 in July.

The Dow Jones industrial average dropped 21.68 points to close at 13,102.99. Hewlett-Packard led the Dow down. HP's stock lost 31 cents to $16.90 and hit a new one-year low.

Crude oil crept above $96 a barrel as Hurricane Isaac picked up speed in the Gulf of Mexico, where roughly one-quarter of the country's oil is produced. Much of the region's production and refining activity has shut down.

In other trading, the Standard & Poor's 500 index slipped 0.08 percent to 1,409.30, and the Nasdaq composite index gained 0.13 percent to 3,077.14.

Trading was light again, typical for August vacation season. Over the past three days fewer than 7.7 billion shares have been traded, the lowest three-day stretch since December 2011.-- AP

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