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Interactive Are Stocks Bouncing Back?

NEW YORK (AP) -- Stocks shuttled between narrow gains and losses Friday after mixed reports on retail sales and business inventories gave investors little new insight into the economy.

The reports weren't enough to propel the market significantly higher a day after the Standard & Poor's 500 index closed at a 17-month high. The Dow Jones industrial average rose 9 points in afternoon trading.

Stocks had been modestly higher at the start of trading Friday after a surprising increase in February retail sales.

But investors are displeased with the Commerce Department's report that inventories were unchanged. Economists had forecast an increase. Analysts are hoping that businesses will restock store shelves on a consistent basis, which would be a positive signal for the economy.

The Commerce Department said retail sales rose 0.3 percent last month. Analysts had expected sales to drop.

A weaker report on consumer sentiment also held the market from making big moves. The preliminary Reuters/University of Michigan consumer sentiment index for March fell to 72.5 from 73.6 in late February.

The reports come as investors look for more signs about the economy's direction. Stocks are higher for a second straight week on hopes that a rebound is strengthening.

The market bounced higher a week ago after the Labor Department said employers cut fewer jobs in February than economists had expected. But trading has been more subdued since then amid little fresh news about the economy.

Neil Menard, principal at Steben & Co. in Rockville, Md., said the market could continue to make incremental gains until investors have a better sense about the job market. He sees little confidence behind stocks' advance the past two weeks.

"There is a lack of conviction in the markets," he said. "Everyone is kind of in wait-and-see mode."

In midafternoon trading, the Dow rose 9.00, or 0.1 percent, to 10,620.84. The broader S&P 500 index rose 0.22, or less than 0.1 percent, to 1,150.46.

The Nasdaq composite index fell 0.01, or less than 0.1 percent, to 2,368.45. It stands at an 18-month high.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.71 percent from 3.73 percent late Thursday.

Crude oil fell $1.06 to $81.05 per barrel on the New York Mercantile Exchange.

The dollar mostly fell against other major currencies, while gold prices fell.

Stocks were mixed Monday after insurer American International Group Inc. sold one of its big foreign divisions to MetLife Inc. for $15.5 billion. The market inched higher Tuesday and Wednesday and posted bigger gains Thursday after Citigroup Inc.'s CEO said the bank was moving toward "sustained profitability." Citigroup was the hardest hit bank during the financial crisis.

The coming week could provide important signals about the economy. The Federal Reserve's interest rate committee meets Tuesday. Although policymakers are almost certain to leave their target interest rate at a record low of essentially zero, traders will be looking at the policy statement that follows the meeting. Even the slightest shift in the Fed's language on how long interest rates will remain unchanged or on its assessment of the economy likely would move the market. Reports are also due on inflation and regional manufacturing.

Meanwhile, the government's sales report boosted retail stocks. Macy's Inc. rose 60 cents, or 2.9 percent, to $21.66. Target Corp. rose 7 cents to $52.88.

Aeropostale Inc. rose $1.44, or 5.3 percent, to $28.49 after its profit report late Thursday topped analysts' expectations.

Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where volume came to 605.9 million shares compared with 561 million traded at the same point Thursday.

The Russell 2000 index of smaller companies fell 0.65, or 0.1 percent, to 676.57.

Britain's FTSE 100 rose 0.2 percent, Germany's DAX index rose 0.3 percent, and France's CAC-40 slipped less than 0.1 percent. Japan's Nikkei stock average rose 0.8 percent.

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Augstums reported from Charlotte, N.C.

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