US stocks eke small gains after listless day of trading
Consumer companies were among the big gainers on a day when investors sized up a mixed bag of new data on the U.S. manufacturing, housing and automobile industries.
Investors have been looking for clues in the latest economic figures to gauge the likelihood that the Federal Reserve will raise its key interest rate at the central bank's next meeting of policymakers later this month.
The major stock indexes opened lower on Wednesday, echoing a slide in markets in Europe and Asia as traders considered new reports on China's manufacturing sector, including one suggesting a weaker outlook for the nation's factories.
The Commerce Department said construction spending fell in April by the biggest amount in five years, dragged down by declines in housing, commercial construction and spending on government projects.
Investors' outlook perked up by late afternoon around the time when the Federal Reserve released its latest Beige Book, a snapshot of the U.S. economy that the central bank's policymakers use to inform their actions.
Beyond economic data, investors kept an eye on companies reporting quarterly results or outlooks.
Michael Kors led all companies in the S&P 500 index, climbing 6.6 percent after it reported that strong online sales and new store locations helped boost its fiscal fourth-quarter revenue.
Under Armour slumped 3.9 percent after the sports apparel maker slashed its full-year revenue guidance, saying that the closure of Sports Authority stores will hurt its sales.
A bankruptcy court recently decided to approve the liquidation of privately held Sports Authority, which sold Under Armour goods, rather than a restructuring or sale.