Investors wait to commit

US stocks drifted around the break-even point yesterday afternoon, erasing early losses, as investors showed little interest in committing to a direction ahead of anticipated speeches from US President George W Bush and Federal Reserve chairman Alan Greenspan, and the one-year anniversary of the September 11 terrorist attacks.

About 1.15pm, the Dow Jones industrial average rose 17.86 to 8,345.06. The Nasdaq composite fell 2.39 to 1,292.91. The Standard & Poor's 500 index stood at 897.29, up 3.37.

All three major indexes posted solid gains at the end of last week.

“Basically, you’re seeing a market that is navigating on light volume with no one really stepping up to the plate,” Peter Cardillo, director of research at Global Partners Securities, said.

Market breadth was negative on light volume.

On the New York Exchange, losers beat winners 7-to-6 as 602 million shares changed hands.

On the Nasdaq, decliners led advancers 3-to-2 as 688 million shares traded.