US STOCKS-Wall St flat in choppy day ahead of Fed minutes
By Rodrigo Campos
NEW YORK Oct 8 (Reuters) - U.S. stocks were little changed in a volatile Wednesday session, with the S&P 500 bouncing off a key technical level and traders eyeing the release of the minutes of the latest Federal Reserve meeting.
The market wobbled a day after a selloff that took the S&P 500 to its lowest level in nearly two months, with concerns lingering about how a strong dollar and weak global growth may impact corporate earnings.
However, retailer Costco Wholesale Corp posted strong earnings, topping analysts' estimates for the first time in five quarters. Shares were gaining 1.7 percent at $127.49 after earlier hitting 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.
"The market is in wait and see mode until the Fed comes out," said JJ Kinahan, chief strategist at TD Ameritrade in Chicago.
"It has paid to come in and scoop the market up after every one of the recent dips. The difference this time is small caps are weak."
Kinahan said that from a technical perspective it was key that the S&P 500 held above 1,930. Continuación...