Wall St mixed on earnings, data

US stocks closed largely flat after the latest batch of economic data offered investors a mixed view of the economy.

At the closing bell, the Dow Jones Industrial Average yielded 21.97 points, or 0.13%, to 16,558.87, drifting from the all-time peak it reached yesterday.

The broad-based S&P 500 inched down 0.27 of a point, or 0.01%, to 1,883.68, while the tech-heavy Nasdaq Composite Index bucked the trend to add 12.90 points, or 0.31%, to 4,127.45.

Economic data was in the spotlight once again, with US consumer spending jumping well beyond expectations in March just one day after investors learned growth was a tepid 0.1% in the first quarter.

The 0.9% lift in consumer spending was the largest gain in almost five years.

Strong manufacturing data, with the PMI climbing to 54.9 from 53.7, also ensured stocks flirted with new highs in the morning session.

However, news of weekly jobless claims rising again last week appeared to take the wind out of the market's sails as investors pondered the likelihood of tomorrow's jobs data missing forecasts.

Mixed earnings reports also hurt investor confidence, with Exxon Mobil and Kellogg both dropping 1% upon the release of quarterly profit numbers.