By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks on Wednesday started
mildly lower, with the S&P 500 index sticking close to a
five-year high, as data had the housing market holding recent
gains.
Retreating some from highs not reached since October 2007, the
S&P 500 (SPX) shed 3.77 points to 1,527.17.
The index is up 7.1% so far this year, lifted by
better-than-anticipated earnings and after politicians managed to
reach a budget deal.
Apple Inc. (AAPL) fell after supplier Foxconn Technology Group
froze hiring at its biggest factory in Shenzhen.
Office Depot Inc. (ODP) and OfficeMax Inc. (OMX) will join in a
$1.2 billion all-stock deal, the companies said Wednesday,
confirming an accord mistakenly announced ahead of its
completion.
The Dow Jones Industrial Average (DJI) fell 14.21 points to
14,021.4.
The Nasdaq Composite (RIXF) dropped 7.03 points to 3,206.56.
Figures from the Commerce Department had builders breaking
ground in January on the most homes in more than four years and
permits for construction ahead climbing. Housing starts fell to a
890,000 rate, below expectations.
A separate report from the Labor Department had the
producer-price index rising 0.2% in January after a 0.3% decline
the month before.
Minutes from the Federal Open Market Committee's January meeting
will be released later in the session, with investors on alert for
any signals of changes in the central bank's monetary policy.
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