Stocks flat as investors hold back

The major U.S. stock indexes were little changed Wednesday, ending the day just below Tuesday’s levels.

For the week, stocks remained down, extending the sharp downturn for the year.

“We’re seeing some buyers coming in on the weakness, but not enough to push the market higher,” said Joe Bell, senior equity analyst with Schaeffer’s Investment Research.

The Dow Jones industrial average fell 5.01 points, or 0.03 percent, to close at 15,440.23 Wednesday. The Standard & Poor’s 500 index slipped 3.56 points, or 0.2 percent, to 1,751.64. The Nasdaq composite dropped 19.97 points, or 0.5 percent, to 4,011.55.

Stocks were down in pre-market trading and continued to slide for much of the day. A survey on U.S. hiring did little to ease uncertainty over the health of the U.S. economy.

Many investors remain leery, waiting to see if economic reports and company earnings will show that the U.S. economic recovery is on track.

“This is about as flat as it gets,” said Rex Macey, chief investment officer of Wilmington Trust Investment Advisors. “It’s a market looking for direction.”

Six of the 10 sectors in the S&P 500 finished lower. Telecoms and energy stocks registered the biggest industry declines.

Investors hammered trucking company C.H. Robinson Worldwide, which a day earlier reported fourth quarter results that missed Wall Street estimates. Its shares fell $5.48, or 9 percent, to $53.16, to lead the S&P 500’s decliners.

Cerner, a health-care information-technology provider, and cosmetics-maker Estee Lauder also were among the stocks posting large losses. Cerner shares fell $3.39, or nearly 6 percent, to $53.21. Estee Lauder slumped $3.83, or 5.5 percent, to $65.36.

Markets started the week with a 326-point drop in the Dow, triggered by disappointing news about U.S. manufacturing.

The Dow, which fell as much as 104 points Wednesday, ended the day down 6.9 percent for this year. The S&P 500 closed down 5.2 percent so far in 2014.

A private survey on Wednesday showed that U.S. businesses added jobs at a steady but modest pace in January, a sign that hiring has rebounded after a disappointing figure in December. Payroll processor ADP said companies added 175,000 jobs last month.

Investors are trying to get a better picture of the U.S. economy and the prospect for corporate earnings growth this year, but they’ve had to sort through a bevy of mixed signals in recent weeks.

There’s been encouraging news - the nation’s economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spending in three years. But concerns are growing that the U.S. and global economies may be weakening.

Added to this is the harsh winter weather, which some analysts expect could have had a negative effect on the economy in December and January.

“There’s a bit of uncertainty about all of that,” Macey said.

And then there’s earnings season, which Macey and other analysts sum up so far as good overall. Still, many companies have offered outlooks that fell short of Wall Street’s expectations.

“It’s part of what’s unsettling the market,” Macey said.