- 17Nov
(Reuters) - U.S. stocks were little changed on Wednesday as investors awaited clarity on how a European Union-IMF mission would help ease Ireland's debt crisis.
Ireland said it would work with officials from the EU and the International Monetary Fund to help its struggling banking sector, a process that could lead to a bailout despite Dublin's reluctance.
In China, the government said it will take forceful measures to stabilize consumer prices. The news pressured commodities, sending crude oil down 0.6 percent.
Renewed concerns over euro zone sovereign debt woes and the prospect of China raising rates to rein in inflation helped to sink equities in a broad selloff on Tuesday.
"After the tumultuous market yesterday, people are taking a wait-and-see attitude toward Ireland and China," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "If Ireland doesn't agree on a plan, it would be a negative not just for Europe, but for the whole world."
The Dow Jones industrial average .DJI was down 3.29 points, or 0.04 percent, at 11,018.96. The Standard & Poor's 500 Index .SPX was up 2.26 points, or 0.19 percent, at 1,180.60. The Nasdaq Composite Index .IXICwas up 9.75 points, or 0.40 percent, at 2,479.62.
On the upside, Target Corp (TGT.N) climbed 3.8 percent to $55.57 after it posted higher-than-expected quarterly profit and forecast sales would be the best in three years. Retailer Costco Wholesale Corp (COST.O) was one of the top percentage gainers on the Nasdaq 100 .NDX, rising 1.4 percent to $66.68.
General Motors Co GM.UL set the terms for a landmark IPO that could be the largest in U.S. history and could raise up to $22.7 billion.
If the formerly bankrupt automaker succeeds, it could bode well for Chrysler's own planned offering, Fiat SpA (FIA.MI) Chief Executive Sergio Marchionne said late Tuesday.
In the latest U.S. economic data, new home building slumped to its lowest level in more than a year in October, while consumer prices rose, but the annual increase was the smallest on record.
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