US STOCKS-Wall St flat as mixed data offsets upbeat earnings
* Fourth-quarter GDP growth revised downward
* Indexes: Dow off 0.1 pct, S&P up 0.1 pct, Nasdaq off 0.1 pct (Updates to midday)
By Caroline Valetkevitch
NEW YORK, Feb 27 (Reuters) - U.S. stocks were little changed in early afternoon trading on Friday as mixed economic data was offset by some upbeat corporate earnings.
Following the release of their results, shares of Monster Beverage jumped 13.4 percent to $140.67, while shares of Ross Stores gained 6.3 percent to $105.33.
Economic data provided investors with little incentive to push stocks higher. One report showed U.S. growth slowed more sharply than initially thought in the fourth quarter, while a gauge of business activity in the U.S. Midwest dropped to its lowest reading since July 2009 in February.
However, pending home sales rose to their highest level in 1-1/2 years in January.
After a sluggish start to the year, stocks have rebounded sharply in February and both the Dow and S&P 500 are on track for their best month since October 2011. The Nasdaq is on pace for its best month since January 2012, and remains within striking distance of the 5,000 level, after a string of recent gains.
"Earnings season is winding down and the market is absorbing reports from retailers, which are generally pretty good and the economy is in good shape right,so investors are hoping for a better world economy," said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois. Continuación...