* ADP private-sector employment data short of expectations
* Financial stocks lead the S&P 500's gainers
* Dow off 0.2 pct; S&P 500 flat; Nasdaq up 0.1 pct
By Angela Moon
NEW YORK, March 5 The S&P 500 finished almost
flat, just below its all-time high on Wednesday as investors
shrugged off soft data on jobs and the services sector while
keeping an eye on developments in Ukraine.
The market showed little reaction to the Federal Reserve's
Beige Book, which said severe weather across much of the United
States took a toll on shopping and consumer spending in recent
weeks. That led to slower economic growth or output in some
areas of the country, according to the Fed's report of anecdotal
information on the U.S. economy.
Data from payrolls processor ADP showed that U.S.
private-sector employers added fewer workers than expected in
February. A report from the Institute for Supply Management
showed the services sector continued to grow last month, albeit
at a slower pace. A harsh winter has allowed traders to dismiss
what appears to be a soft patch of data, making the market
susceptible to a large pullback if the trend of weakness in data
Market participants kept a close eye on developments out of
Ukraine, following the most serious confrontation between Russia
and the West over influence in Kiev and control of Crimea.
Investors' global flight to safety on Monday was reversed
sharply on Tuesday. Markets were calmer on Wednesday, but
volatility was expected, given the fluid situation in Ukraine.
While the tension between Ukraine and Russia is a
significant risk to the global economy, "we don't expect current
tensions to morph into a full-blown international crisis," said
Joseph P. Quinlan, chief market strategist at
U.S. Trust, Bank of America Private Wealth Management in New
The S&P financial sector index rose 0.7 percent and
led the S&P 500's gainers. Bank of America Corp shares
gained 3.2 percent to $17.25. Morgan Stanley rose 2.8
percent to $31.97.
The tech-heavy Nasdaq index closed slightly higher,
outperforming the broader market. Facebook shares climbed
to an all-time high of $71.97. The stock closed up 4 percent at
But the Dow Jones industrial average slipped, led by losses
in Exxon Mobil, down 1.8 percent, and Nike Inc,
down 1.5 percent.
The Dow Jones industrial average fell 35.70 points or
0.22 percent, to end at 16,360.18. The S&P 500 dipped
just 0.10 of a point, or 0.01 percent, to finish at 1,873.81.
The Nasdaq Composite added 6.002 points or 0.14 percent,
to close at 4,357.974.
The S&P 500 also hit an intraday record high on Wednesday at
Honeywell International shares hit an all-time
intraday high of $95.85 after the company set a target of
increasing overall sales to more than $50 billion by 2018 as it
spends $10 billion on acquisitions. Honeywell is a diversified
manufacturer of aerospace parts and climate control and security
systems. The stock ended at $94.66, up 0.06
Canadian Solar Inc slid 10.7 percent to $39.02
after the solar panel maker warned of a drop in revenue this
quarter as about $100 million in sales were deferred after a
Smith & Wesson Holding Corp shares jumped 16.4
percent to $13.74 after the gun maker reported a 42 percent
surge in its fiscal third-quarter profit.
About 6.52 billion shares changed hands on U.S. exchanges,
compared with the 7 billion average for the past month,
according to data from BATS Global Markets.
Decliners beat advancers on the New York Stock Exchange by
1,540 to 1,436 on the New York Stock Exchange. On the Nasdaq,
decliners nearly matched advancers, with 1,321 stocks down and