US stocks mixed after varying economic data

The stock market traded mixed Wednesday, as investors found little direction in the day's economic data and watched oil prices climb further into record territory.

After the Energy Department said both crude and gasoline inventories in the United States increased last week, crude prices reached a new high of $122.81 a barrel on the New York Mercentile Exchange.

Wall Street did get a dose of good news when the Labor Department said labor costs rose at an annual rate of 2.2 percent during the first quarter. That's down from a 2.8 percent rise the previous quarter, suggesting that inflation pressures may be letting up.

But the economic picture is still mixed -- the National Association of Realtors said pending sales of existing homes fell in March by 1 percent, more than many economists predicted. Weak housing data hardly comes as a surprise to investors, but bolsters the argument that even if the economy turns around later in the year, the housing market will take a long time to recover.

The Dow Jones industrial average fell 30.04, or 0.23 percent, to 12,990.79.

Broader stock indicators were mixed. The Standard & Poor's 500 index fell 4.19, or 0.30 percent, to 1,414.07, and the Nasdaq composite index rose 4.33, or 0.17 percent, to 2,487.64.

(Agencies)