U.S. stocks wavered and closed mixed on Friday as the market turned directionless in the midst of more improvements in the U.S. economy and euro zone debt concerns.
Following the release of a slew of positive data in retail sales, factory output and housing starts, the Conference Board said on Friday its index of leading economic indicators rose 1.1 percent in November, the biggest rise since March and the fifth straight monthly gain.
The House passed an 850-billion-dollar tax cut package late Thursday night which extends Bush-era tax cuts for another two years. Expectation that consumer spending would increase lifted equities.
However, Moody's Investors Service slashed Ireland's credit ratings by five notches to Baa1 from Aa2 and warned further downgrades could follow if this debt-burdened euro zone country was unable to stabilize its debt situation. Increasing concerns over European debt hurt market sentiment.
At closing, the Dow Jones industrial average slipped 7.34 points, or 0.06 percent, to 11,491.91. The Standard & Poor's 500 index rose 1.04 points, or 0.08 percent, to 1,243.91, while the Nasdaq was up 5.66 points, or 0.21 percent, to 2,642.97.
