US STOCKS-Wall St flat after selloff, global growth worry lingers
(Updates to morning trading)
By Rodrigo Campos
NEW YORK Oct 8 (Reuters) - U.S. stocks were little changed on Wednesday after a selloff that took the S&P 500 to its lowest level in nearly two months, as concerns lingered over how a strong dollar and weak global growth may impact corporate earnings.
Costco Wholesale Corp was among the market's leaders, rising 1.9 percent to $127.65 after its profit topped analysts' estimates for the first time in five quarters. Shares hit a record high of $128.95.
China's services sector growth weakened slightly in September as new business cooled in the world's second-largest economy. That follows weak industrial data out of Germany, the euro zone's growth engine.
Weakness in other economies and the expectation that interest rates will begin to rise in the United States as other major central banks continue to ease have boosted the U.S. currency. The dollar index is on track to post its first weekly loss in the last 13.
"Investors are concerned the strong dollar and the weakness in the euro zone will adversely affect third quarter earnings and more importantly guidance for the fourth quarter," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
He said the Ebola epidemic and the advance of Islamic State militants in Syria also kept investors on edge.
The Dow Jones industrial average was rising 5.36 points, or 0.03 percent, to 16,724.75, the S&P 500 was gaining 0.04 points, or 0 percent, to 1,935.14 and the Nasdaq Composite was adding 0.75 points, or 0.02 percent, to 4,385.96. Continuación...