Shares, dollar steady ahead of key U.S. data, Fed meeting

Mon Jul 28, 2014 4:45pm EDT
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By Angela Moon

NEW YORK (Reuters) - World stock markets were little changed on Monday while the U.S. dollar traded mostly flat against a basket of major currencies ahead of key U.S. economic reports and events this week.

Wall Street ended flat as the latest deal news offset losses following soft data on the housing market and services sector. The market may also be hitting resistance with the Dow Jones industrial average sitting just below 17,000 and the S&P 500 near 2,000.

"Technically, we are battling round numbers that I think give investors reason to pause," said Todd Salamone, senior vice president of Research, Schaeffer's Investment Research in Cincinnati.

The U.S. dollar traded mostly flat against a basket of major currencies, halting last week's advance but still hovering near six-month highs.

Investors and traders were hesitant to make bold moves on concerns over new European sanctions against Moscow and ahead of Wednesday's release of U.S. second-quarter gross domestic product. The calendar also includes a Federal Reserve policy announcement on Wednesday and U.S. nonfarm payrolls data Friday.

Economists forecast U.S. GDP grew 3 percent in the second quarter after a sharp contraction of 2.9 percent in the first quarter, and expect U.S. employers to have added 233,000 jobs in July, according to Reuters polls.

The Dow Jones industrial average .DJI rose 22.02 points or 0.13 percent, to 16,982.59, the S&P 500 .SPX gained 0.57 points or 0.03 percent, to 1,978.91 and the Nasdaq Composite .IXIC dropped 4.66 points or 0.1 percent, to 4,444.91.

MSCI's All-World Index .MIWD00000PUS was up 0.01 percent.   Continued...

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange July 25, 2014.      REUTERS/Remote/Janine Eggert