Stocks End Little Changed

NEW YORK (Reuters) - U.S. stocks ended Wednesday's session little changed as a trio of positive reports underscored the strengthening economy and helped offset worries about world oil supply after attacks on Iraq's oil pipelines.

Energy stocks, led by Exxon Mobil Corp. (NYSE:XOM - News), supported blue chips, as oil prices rose after pipeline attacks choked Iraq's ability to export oil. The Standard & Poor's Energy Index (^GSPE - News) jumped 1.76 percent.

Oracle Corp. (NasdaqNM:ORCL - News) weighed on the technology-heavy Nasdaq, even after the software maker posted improved quarterly earnings late Tuesday. But results disappointed some investors and analysts who had expected stronger license sales. The stock, which was the Nasdaq's most active, fell 36 cents, or 3 percent, to $11.35.

The Dow Jones industrial average (^DJI - News) dipped 0.85 of a point, or 0.01 percent, to 10,379.58, while the broader S& 500 Index (CBOE:^SPX - News) rose 1.55 points, or 0.14 percent, to 1,133.56, and the Nasdaq Composite Index (NasdaqSC:^IXIC - News) added 2.63 points, or 0.13 percent, to 1,998.23, based on the latest available data.

When the market opens on Thursday, investors may take a cue from the 1.5 percent jump after-hours in Ford Motor Co.'s (NYSE:F - News) shares late Wednesday. Ford's stock shot up to $15.85 on the INET electronic brokerage system from its close at $15.63 on the New York Stock Exchange, after Ford increased its profit forecast for the second quarter and the full year, citing strong results from its finance arm.

But the stock of Jabil Circuit Inc.(NYSE:JBL - News) slid 10 percent after hours to $25.24 on INET from its NYSE close at $28.05, reflecting investors' disappointment with its forecast for the current quarter, which was slightly below the average estimates of Wall Street analysts.

After regular trading ended, Jabil reported a sharp jump in quarterly profit, on a 33 percent gain in revenue, due to stronger demand for components it makes for cell phones and other electronic products.

STRENGTH IN HOUSING, INDUSTRIAL OUTPUT

In Wednesday's economic news, the government reported U.S. housing data beat forecasts in May, as prospects of rising interest rates failed to curb demand, while another report showed industrial production surged, posting its biggest monthly gain in almost six years.

"New building permits were very strong, which helps the belief the housing boom will continue, and industrial production was also very strong. That helped set a positive tone," said Paul Cherney, chief real-time market analyst at S& MarketScope.

Housing starts fell 0.7 percent, a Commerce Department report said, but the drop was less than expected.

But permits, which signal builders' confidence in future business, surged to a 30-year high -- a seasonally adjusted annual pace of 2.077 million units -- as builders anticipated higher interest rates would not deter home buyers.

The Federal Reserve reported that output at U.S. factories, mines and utilities rose 1.1 percent in May -- the biggest monthly gain in almost six years. The dollar gained more than 1 percent against the euro after this data, with the euro trading around $1.2002 late Wednesday in New York.

The U.S. jobs picture showed signs of improvement in April and May, the Federal Reserve said in its "Beige Book" report, as potentially worrisome pressures on wages and consumer prices appeared tame.

Still, geopolitical worries overshadowed the strong data, after pipeline attacks shut down Iraqi oil exports.

"The situation with oil and Iraq continues to be a damper on everything," said Edgar Peters, chief investment officer at PanAgora Asset Management. "The attack on the Iraqi oil facilities is a negative for the market as a whole, and it's skewing sentiment too far in one direction, but it's definitely having an impact."

In the latest attack on Iraq's oil industry, saboteurs blew a hole in one of Iraq's two southern oil export pipelines on Wednesday for the second time in 48 hours, an Iraqi oil source told Reuters. The source said the damage was "fairly big."

An Iraqi official said all crude oil exports from southern Gulf ports had stopped after saboteurs hit pipelines feeding the Basra and Khor al-Amaya terminals this week. Sabotage had already stopped exports via a northern pipeline to Turkey.

On the New York Mercantile Exchange, July crude oil futures (CLN4) settled up 13 cents at $37.32 a barrel.

Shares of Exxon Mobil, the world's biggest publicly traded oil company, added 65 cents, or 1.5 percent, to $44.73. Rival ChevronTexaco Corp. (NYSE:CVX - News), the No. 2 U.S. oil company, gained $1.39, or 1.5 percent, to $91.99.

Shares of oil-services companies also shot higher, including Halliburton Co. (NYSE:HAL - News), up 97 cents, or 3.3 percent, at $30.35, and Schlumberger Ltd. (NYSE:SLB - News), up $2.43, or 4.1 percent, at $62.23.

Best Buy Co. Inc. (NYSE:BBY - News) shares fell $1.04, or almost 2.0 percent, to $52.04, even after the electronics retailer reported its quarterly earnings jumped 65 percent, driven by sales of high-profit items. The company forecast higher earnings for the current quarter and full year, in line with estimates. But analysts worried the costs of Best Buy's customer loyalty plan and rising inventories could become a problem.

The price of the benchmark 10-year U.S. Treasury note slipped 12/32 to 100-5/32, pushing its yield up to 4.73 percent from 4.68 percent late Tuesday.

On the New York Stock Exchange, trading was moderate, with 1.17 billion shares changing hands, below the 1.4 billion daily average for last year. About 1.35 billion shares were traded on Nasdaq, also below last year's 1.69 billion daily average.



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