The Standard & Poor’s 500 Index closed little changed as consumer shares led an advance, offsetting fresh signs of weakness in crude oil and corporate earnings after economic data in China helped ease some investor concern over a hard landing there.
The Standard & Poor’s 500 Index gained less than 0.1 percent to 1,881.35 at 4 p.m. in New York, after a whipsaw session that saw the gauge rise as much as 1.1 percent and fall 0.8 percent.
In contrast to U.S. shares, European and Asian stocks rose amid speculation of further Chinese state aid after a report showed gross domestic product in the world’s second-largest economy expanded 6.9 percent in 2015, just shy of the government’s 7 percent target, and the least since 1990.
The last time the RSI slipped below that level was on Jan. 13, the day before a 1.7 percent rally. The time prior to that was on Aug. 25, when the S&P 500 hit a bottom and rallied 6.5 percent over the next three days.
Corporate earnings are gathering more attention with investors weighing the health of the U.S. economy. Analysts project profits for index members fell 7 percent in the fourth quarter.