MARKET SNAPSHOT: U.S. Stocks Flutter Near Five-year Highs

By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks on Wednesday remained little changed as the S&P 500 index stuck close to a five-year high, with data showing the housing market holding recent gains.

Minutes from the Federal Open Market Committee's January meeting come later in the session, with investors on alert for any signals of changes in the central bank's monetary policy.

"The primary focus will be on the ongoing asset purchase program and whether any progress was made on ending the program," said Dan Greenhaus, chief global strategist at BTIG LLC.

Retreating some from highs not reached since October 2007, the S&P 500 (SPX) shed 2.37 points, or 0.2%, to 1,528.57, with materials the heaviest weight among its sectors and telecommunications faring best.

The index is up 7.2% so far this year, lifted by better-than-anticipated earnings and after politicians managed to reach a budget deal.

Apple Inc. (AAPL) fell 1.6% after supplier Foxconn Technology Group froze hiring at its biggest factory in Shenzhen.

Office Depot Inc. (ODP) and OfficeMax Inc. (OMX) will join in a $1.2 billion all-stock deal, the companies said Wednesday, confirming an accord mistakenly announced ahead of its completion.

The Dow Jones Industrial Average (DJI) added 12.54 points, or 0.1%, to 14,048.2, with Boeing Co. (BA) leading gains that included half of its 30 components, a day after engineers approved the plane maker's contract offer, deflating a labor dispute.

The Nasdaq Composite (RIXF) dropped 5.27 points, or 0.2%, to 3,208.31.

Figures from the Commerce Department had builders breaking ground in January on the most homes in more than four years and permits for construction ahead climbing. Housing starts fell to a 890,000 rate, below expectations.

A separate report from the Labor Department had the producer-price index rising 0.2% in January after a 0.3% decline the month before.

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