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Market Closes Mostly Flat After Weak Retail Sales Report

Coming off a two-day losing streak, major stock indexes spent much of Wednesday drifting between small gains and losses before ending mostly lower.

Technology stocks were among the biggest gainers, sending the Nasdaq composite index slightly higher. The Dow Jones industrial average and Standard & Poor’s 500-stock index each had its third straight loss. The price of United States oil fell.

In addition to corporate deals and earnings news, traders watched the Commerce Department’s latest monthly snapshot of retail sales. The report, a bellwether for consumer spending, showed sales were essentially flat in April, falling short of Wall Street’s forecasts. Retail sales have risen just 0.9 percent in the last 12 months.

“The retail sales numbers were really crucial in terms of assessing whether or not the rebound from the first quarter was gaining momentum,” said Quincy Krosby, a market strategist for Prudential Financial. “It leaves a lingering concern as to whether or not there’s something more at work keeping the economy from rebounding.”

The Dow Jones industrial average fell 7.74 points, or 0.04 percent, to 18,060.49. The Standard & Poor’s 500 shed 0.64 points, or 0.03 percent, closing at 2,098.48. The Nasdaq composite added 5.50 points, or 0.1 percent, closing at 4,981.69. All three indexes are up for the month and year.

The markets barely budged on Wednesday, absent the global bond market sell-off that rattled investors a day earlier. After a brief dip, bond prices rose, sending the yield on the 10-year Treasury note up to 2.29 percent from 2.26 percent late Tuesday.

Traders saw the disappointing retail sales report early. Even so, the major stock indexes made only minor moves and spent much of the afternoon higher before an uneven finish.

The reason the market did not drop more is that some investors predict the weaker sales data could give the Federal Reserve an additional reason to delay raising its key interest rate until at least September, said Phil Orlando, chief equity strategist at Federated Investors.

“The Fed is looking at this data too, and, if you thought they would be considering a rate hike in June, I don’t see how you do that on the basis of this data point,” Mr. Orlando said.

Investors also got some insight into retail spending from Macy’s, one of the biggest department store operators.

The retailer said its profit slumped 13 percent in the first quarter as it faced delayed merchandise shipments because of a West Coast port slowdown, severe weather and lower spending by international tourists. Macy’s results fell short of Wall Street’s expectations. The stock lost $1.60, or 2.5 percent, closing at $63.73.

Traders also took a dim view of Arctic Cat’s latest financial results, which included revenue that fell short of analysts’ forecasts. Arctic Cat slid $2.56, or 7.3 percent, to $32.51.

EZchip Semiconductor tumbled 24.2 percent after the network processor delivered a disappointing customer update. The stock fell $4.73 to $14.84.

Investors bid up stocks in a couple of companies that had announced acquisitions.

Owens-Illinois, which makes beer and wine bottles, jumped 9.2 percent after the company said it would buy a glass container business from Vitro of Mexico. The stock rose $2.19 to $25.98.

Shares in Williams Companies rose 6.2 percent on news that the gas infrastructure company is buying Williams Partners in a $13.8 billion stock deal. The stock added $3.11, rising to $53.21.

Six of the 10 sectors in the S.&P. 500 moved lower. Utilities stocks declined the most. The sector is down 8.8 percent this year. Technology stocks made the biggest gain. That sector is now up 3.1 percent this year.

The price of United States oil fell 25 cents, to $60.50 a barrel, in New York. Brent crude, a benchmark for international oils used by many American refineries, fell 5 cents, to $66.81 a barrel, in London. In other futures trading on the New York Mercantile Exchange, wholesale gasoline rose less than a penny, to $2.041 a gallon, while heating oil rose half a penny, to $2.005 a gallon. Natural gas gained 3.8 cents, to $2.935 per 1,000 cubic feet.

In metals trading, gold jumped $25.80, to $1,218.40 an ounce; silver rose 70 cents, to $17.22 an ounce; and copper edged down less than a penny, to $2.93 a pound.

A version of this article appears in print on  , Section B, Page 8 of the New York edition with the headline: A Meandering Day Ends Not Far From Where It Began . Order Reprints | Today’s Paper | Subscribe

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