June 10, 2013- Stocks Close Flat Showing Lack of Direction at Trend Resistance

After moving notably higher over the course of the two previous sessions, stocks showed a lack of direction throughout the trading day on Monday. The major averages spent much of the day bouncing back and forth across the unchanged line. The major averages eventually finished the day mixed, although they were all nearly flat for the session. While the Nasdaq inched up 4.55 points or 0.1 percent to 3,473.77, the Dow dipped 9.53 points or 0.1 percent to 15,238.59 and the S&P 500 edged down 0.57 points or less than a tenth of a percent to 1,642.81. The lackluster performance on Wall Street came as traders stayed on the sidelines following the rally seen last Friday in reaction to the monthly jobs report. While the job growth shown by the report was seen as a positive sign for the economy, an unexpected uptick by the unemployment rate was seen as a sign that the Federal Reserve will maintain its asset purchase program at the current pace. "By revealing a decent rise in payroll employment but a small rise in the unemployment rate, May's Employment Report had something for everyone," Capital Economics said in a research note.