U.S. stocks gave up opening gains and drifted lower as investors weighed a barrage of mixed earnings and a much stronger-than-expected jobless claims report.
A weekly tally of unemployment benefits fell to the lowest level since 2000, but analysts warned that it may be due to holidays and weather.
The S&P 500 SPX, -0.27% switched between small gains and losses with seven of the 10 main sectors trading in the red.
The Dow Jones Industrial Average DJIA, +0.11% was essentially flat, as two-thirds of its 30 components were in negative territory.
The Nasdaq Composite COMP, -0.31% drifted lower, as disappointing results from companies such as Qualcomm and Yahoo were weighing on the index.
Separately, pending home sales cooled in December, which the National Association of Realtors attributed to fewer homes available for sale and a slight rise in prices. The pending home sales index fell 3.7% during December, though the year-on-year gain was 11.7%, the highest since June 2013.
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