Flat Finish for Wall Street

The report comes less than two weeks before the next Federal Reserve meeting. The central bank will meet for the second time this year on March 20 for the start of a two-day meeting, but no change in the target fed funds rate is expected.

Additionally, the Commerce Department said the U.S. trade deficit narrowed to $59.1 billion in January from $61.2 billion in December. Economists expected the trade deficit would shrink to $60 billion.

Turning to global markets, Asia was mixed overnight. Tokyo's Nikkei 225 was ahead by 0.4% to 17,164, but Hong Kong's Hang Seng gave back 0.2% to 19,135. Mainland China's Shanghai and Shenzhen 300 Index was weaker by 0.6% at 2611.

On the corporate side, Procter & Gamble (PG Quote) reaffirmed its forecast for the March quarter, including its call for a profit of 72 cents to 74 cents a share. Analysts are expecting P&G to hit the high end of its guidance. P&G was off by 15 cents, or 0.2%, to finish at $62.16.

Embattled New Century (NEW Quote) dropped more than 17% after the company said it has stopped accepting new loan applications. The move adds fuel to the rumors that the subprime mortgage lender will file for bankruptcy.

Shares fell by 66 cents to $3.21. New Century has now dropped 90% from its 2006 close of $31.59.