NEW YORK – After dawdling between small gains and losses in a slow day of summer trading, the stock market ended little changed on Monday.
Instead of worrying about the conflict between Russia and Ukraine or trouble in the world’s other hot spots, investors appeared to sit tight.
The main reason, said Robert Pavlik, chief market strategist at Banyan Partners, a wealth management firm, is that the news that’s most likely to move the market comes out later in the week.
On Wednesday, the Federal Reserve wraps up a two-day meeting then issues a statement that investors will study for any hints about the Fed’s next interest-rate move. On Friday, the government releases its monthly jobs report.
“If you’re a professional investor,” Pavlik said, “the big things you focus on this week are what the Federal Reserve says Wednesday and Friday’s monthly employment report.”
A few merger announcements drove some trading Monday. Family Dollar rose 25 percent after Dollar Tree announced plans to buy the rival discount store for about $8.5 billion. Family Dollar’s stock surged $15.08 to $75.74.
Trulia jumped on news that Zillow, a rival real estate listing service, was buying it for $3.5 billion. Trulia advanced $8.69, or 15 percent, to $65.04. Zillow picked up $1.46, or 1 percent, to $160.32.
The S&P 500 edged up 0.57 point, or 0.03 percent, to close at 1,978.91.
The Dow Jones industrial average rose 22.02 points, 0.1 percent, to 16,982.59, while the Nasdaq composite slipped 4.65 points, or 0.1 percent, to 4,444.91.