US stocks end mixed

Wall Street finished mixed today, nudging the Dow Jones industrials higher for the fourth straight session but moving cautiously as investors awaited new data to assess whether their hopes for an interest rate cut are justified.

Investors seemed uncertain about where to take the market a day after the Federal Reserve issued an economic assessment interpreted as opening up the possibility of a reduction in short-term rates. The statement unleashed a wave of buying that boosted the Dow by 159 points yesterday, but today’s session was erratic, with the Dow weaving in and out of positive territory throughout the day.

Investors remained optimistic about the statement but reined in their buying as they took note of climbing energy costs that made it look unlikely that inflationary pressures will ease enough to provoke a rate cut, and as market experts debated whether the Fed’s slight change in language truly suggested a shift in policy.

“At the end of the day, I don’t think it means a heck of a lot,” said Stephen Massocca, president of Pacific Growth Equities.

“The market received it very, very well, but ultimately the Fed is news-dependent.”

Still, falling unemployment claims and strength in markets overseas kept stocks from sinking after this week’s surge. The Dow has had its best four-day point gain since May 2005; whether it continues the streak will depend much on Friday’s report on existing homes sales, inventories and prices for February.

The blue chip index rose 13.62, or 0.11%, to 12,461.14.

Broader indicators slipped. The Standard & Poor’s 500 index fell 0.50, or 0.03%, to 1,434.54. The technology-dominated Nasdaq composite index declined 4.18, or 0.17%, to 2,451.74, pulled lower in large part by a profit warning by mobile phone maker Motorola .