* Fed rate meeting on March 14-15
* Financials among top gainers; utilities top drag
* Dow down 0.03 pct, S&P up 0.11 pct, Nasdaq up 0.38 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
March 8 The S&P 500 and the Dow Jones Industrial
Average swung between losses and gains on Wednesday after a
strong private hiring report raised the odds of an interest rate
hike next week, lifting bank stocks while dragging
The ADP National Employment report showed the U.S. private
sector added 298,000 jobs last month, far bigger than 190,000
that economists on average had estimated.
The data acts a precursor to Friday's nonfarm payrolls
report, which includes private and public sector jobs and acts
as a barometer of the U.S. economy.
The S&P 500 financial index was up 0.63 percent, led
by big banks such as Citigroup, Bank of America
and Wells Fargo.
However, the impact was offset by a 1 percent decline in
high-dividend paying utilities and real estate
The dollar gathered strength, while gold - which tends to
lose value in a rising rates environment - was lower.
"Equities are at the crossroads of optimism and concern and
are likely to go sideways until we get greater clarity from the
Fed and legislative action," said Terry Sandven, chief equity
strategist at U.S. Bank Wealth Management in Minneapolis.
Investors are also digesting a strong post-election rally
that has driven the main indexes to record highs, sparking some
concern over market valuations.
"I think to a degree, equities are priced to perfection and
there are several indicators that point to caution," Sandven
The S&P 500 is trading at about 18 times forward earnings
estimates against the long-term average of about 15 times,
according to Thomson Reuters data.
At 10:58 a.m. ET (1558 GMT), the Dow was down 6.88
points, or 0.03 percent, at 20,917.88 and the S&P 500 was
up 2.5 points, or 0.11 percent, at 2,370.89.
The Nasdaq Composite was up 22.15 points, or 0.38
percent, at 5,856.08, boosted by gains in Microsoft and
Caterpillar kept the Dow in the red, declining 1.2
percent after the New York Times said it reviewed a report
commissioned by the U.S. government that accused the heavy
equipment maker of carrying out tax and accounting fraud.
Exxon and Chevron were the top drags on the
S&P as oil prices slipped 1.4 percent.
Urban Outfitters was the biggest percentage loser
on the S&P, with a 4.8 percent decline following a sales miss
that prompted William Blair to downgrade the stock and other
brokerages to cut price targets.
Declining issues outnumbered advancers on the NYSE by 1,651
to 1,166. On the Nasdaq, 1,433 issues rose and 1,178 fell.
The S&P 500 index showed 12 new 52-week highs and 10 new
lows, while the Nasdaq recorded 46 new highs and 27 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by