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NEW YORK (CNNMoney) -- Stocks barely budged Wednesday as investors await the next guidance, from either the U.S. or global economies, that will set market direction.
With just three days left to go in the first quarter of 2012, investors are expecting to amass sizeable quarterly gains even if the trading moves sideways.
"The market seems to be catching its breath today," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "Investors are really waiting for the next major potential driver."
The Dow Jones industrial average (INDU) added a few points. The S&P 500 dipped slightly. The Nasdaq (COMP) added 7 points, or 0.2%.
Investors can at least momentarily refrain from worries over Europe's debt crisis. Analysts say for now that the next near-term driver is when first quarter earnings kick off in two weeks.
U.S. stocks ended slightly lower Tuesday after news that home prices in 20 major cities fell to the lowest levels since 2002. A disappointing report on consumer confidence further rattled investors.
Tuesday's declines followed a big run-up in the previous day's session, as Federal Reserve chairman Ben Bernanke's comments on the job market gave investors reason to believe the central bank will keep interest rates low.
Stocks have rallied in 2012 on improving economic data and easing concerns about the debt crisis in Europe. With the year's first quarter of trading ending Friday, the Dow has climbed 8%, the S&P 500 has gained nearly 13% and the Nasdaq is up more than 20%.
Gas tops $3.90 a gallon
World markets: European stocks were down in afternoon trading. Britain's FTSE 100 (UKX) was down 0.3%, the DAX (DAX) in Germany lost 0.6% and France's CAC 40 (CAC40) was down 0.1%.
Asian markets ended lower. The Shanghai Composite (SHCOMP) tumbled 2.7%, the Hang Seng (HSI) in Hong Kong shed 0.8% and Japan's Nikkei (N225) declined 0.7%.
Economy: A government report on durable goods orders showed that orders increased 2.2% in February, less than the 2.8% expected by economists.
At 10 a.m. ET, Treasury Secretary Timothy Geithner was to testifying before a House Appropriations subcommittee on the Treasury budget.
The price of an average gallon of regular gas surpassed the $3.90 mark Wednesday, according to the latest daily survey conducted for the motorist group AAA. Prices are now within a dime of the $4 threshold after 19 consecutive increases.
Companies: Family Dollar Stores (FDO, Fortune 500) reported quarterly earnings of $1.15 a share on $2.5 billion in revenue. The results were slightly better than analyst estimates.
Annie's Inc., the organic food maker known for its macaroni & cheese, surged shortly after it started trading under the ticker BNNY (BNNY) on the New York Stock Exchange Wednesday. The company priced shares at $19, above the established $16 to $18 range. Annie's has sold 5 million shares for its initial public offering.
Vocera Communications (VCRA) also debuted on the NYSE Wednesday, and its shares also quickly spiked more than 40%.
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Currencies and commodities: The dollar lost ground against the euro and the Japanese yen, but strengthened against the British pound.
Oil for May delivery slipped $1.24 to $106.09 a barrel.
Gold futures for April delivery fell $11.30 to $1,673.60 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 2.22% from 2.19% late Tuesday.
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