NEW YORK, New York - U.S. stocks went nowhere Friday with buyers and sellers in a state of confusion.
"When the economy is roaring, they're roaring. When the economy is weakening, they're weakening," Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, speaking of cyclicals, told Reuters Thomson Friday.
"The economy will roar, at least for a period of time. There's huge pent-up demand, whether just for travel or going back to work."
The Dow Jones ended the day up just 0.98 of a single point, to close at 31,494.32
The Standard and Poor's 500 fell 7.26 points or 0.19 percent to 3,906.71.
The Nasdaq Composite gained 9.11 points or 0.07 percent to 13,874.46.
The U.S. dollar remained friendless with the British pound hurdling the 1.4000 mantle to trade at new two-year highs. The Australian dollar also took off adding nearly a full cent.
Approaching the New York close Friday the euro had firmed to 1.2116. The British pound was trading comfortably at 1.4005. The Japanese yen edged up to 105.46. The Swiss franc firmed to 0.8955.
The Canadian dollar strengthened to 1.2621. The New Zealand dollar rose strongly to 0.7298. The Australian dollar advanced to 0.7867.
In Europe, the German Davx climbed 0.77 percent. In Paris, France, the CAC 40 added 0.79 percent.
London's FTSE 100 inched up 0.10 percent.
On Asian markets, the Shanghai Composite, in its second day of trading since breaking for the Lunar New Year last week managed gains in late trading. It end the day 20.81 points or 0.57 percent ahead at 3,696.17.
"The momentum of the global recovery buy-everything trade looks to be flagging in the near term, nudged along by worse than expected U.S. jobless claims data overnight," Jeffrey Halley, senior market analyst, Asia Pacific at OANDA told Reuters Thomson Friday.
In Japan, the Nikkei 225 declined 218.17 points or 0.72 percent to 30,017.92.
The Australian All Ordinaries got clipped 91.50 points or 1.28 percent to 7,064.00. One of the biggest losers was Woodside Petroleum which tumbled 5.30 percent.
In Hong Kong the Hang Seng rose 49.46 points or 0.30 percent to close at 30,644.73.