(Updated with stock prices.)
The major averages were mixed most of the day as a stock buyback and promising home-price data weighed against an unexpected drop in consumer confidence.
Ultimately, the Dow rose 14.21 points, or 0.1%, to 9882.17, while the S&P 500 gave up 3.54 points, or 0.3%, to 1063.41. The Nasdaq fell 25.76 points, or 1.2%, to 2116.09."Taking a bigger picture look at the market, clearly we've had a tremendous rally up but if you look at some technical levels, the S&P up around 1100 is a big deal, the 10,000 level on the Dow is also a pretty big deal, and 2200 on the Nasdaq was a level of support last year, and now we're back up against it," says Ryan Detrick, senior technical strategist at Schaeffer's investment research. "So all three major indices are up against longer term levels of resistance," says Detrick, adding that "at Schaeffer's we're bullish and do eventually expect those levels to give, but in the near term they're providing a little problem." The Dow was bouyed after IBM (IBM), which ultimately gained just 0.5%, said its board of directors has authorized another $5 billion in funds to be used for stock repurchases. Elsewhere, China's leading Internet search company, Baidu, fell 11.5% after posting a 42% increase in quarterly profit but warning of a "temporary negative impact" on fourth-quarter revenue as it transitions to a new marketing system.
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