* Consumer confidence improves in March
* Apple closes at record on report of plan for new iPhone
* Dow up 0.1 pct; S&P 500 flat, Nasdaq up 0.3 pct
* For up-to-the-minute market news, click []
(Updates with Honywell raising outlook; adds volume)
By Ellis Mnyandu
NEW YORK, March 30 (Reuters) - U.S. stocks rose in a slow
session on Tuesday on data showing more stabilization in the
economy, while Apple Inc <AAPL.O> rallied on a report that it
was developing a new iPhone.
With the S&P 500 <.SPX> now up 73.4 percent from the March
2009 bottom and on track for a fourth straight quarterly gain,
investors chose to lock in profits, with financials taking the
brunt of the selling.
"Stocks are just trickling higher, gains are selective,
it's a short week and being the end of the quarter, people
have locked in a lot of their positions," said Cleveland
Rueckert, market analyst at Birinyi Associates Inc in
Stamford, Connecticut.
Apple's stock hit an all-time record closing high of
$235.83, up 1.5 percent, after the Wall Street Journal
reported that the company was developing a new iPhone to work
on Verizon Communications' <VZ.N> mobile network. Shares of
Verizon, a Dow component, advanced 2.6 percent to $31.23.
The Dow Jones industrial average <> edged up 11.56
points, or 0.11 percent, to end at 10,907.42, not far below
the 11,000 mark. The Standard & Poor's 500 Index <.SPX> added
just 0.05 of a point, or 0.00 percent, to 1,173.27. The Nasdaq
Composite Index <> rose 6.33 points, or 0.26 percent, to
close at 2,410.69.
Industrials, the best-performing S&P 500 sector this
quarter, also rose. Shares of 3M Co. <MMM.N> shot up 3.6
percent to $84.28 and contributed the most to the Dow's
advance. A KPMG study showed U.S. manufacturing executives
were more upbeat on the recovery than their European Union
colleagues. []
A TASTE OF HONEYWELL
After the bell, Honeywell International Inc <HON.N>, a big
manufacturer, raised its first-quarter profit outlook, sending
its stock up 2.3 percent to $45.96 after the bell. It had
closed at $44.95, up 0.2 percent on the New York Stock
Exchange.
Tuesday's regular session saw light volume as did Monday,
with Passover and the coming Easter holiday taking
participants away from the market, traders said.
With just one trading day left in the first quarter, the
S&P 500 is up 5.2 percent for the quarter so far, while the
Dow is up 4.6 percent and the Nasdaq is up 6.2 percent.
But Friday's release of the government's non-farm payrolls
report for March is likely to give the stock market a fresh
catalyst to brush up against 18-month highs. The expectation
is that the labor market had a significant turnaround last
month, according to economists.
March non-farm payrolls are set for release Friday morning
even though the stock market will be shut for the Good Friday
holiday.
QUALCOMM CLIMBS, CITI SLUMPS
The news on Apple also buoyed chipmakers' shares. Earlier,
Apple hit an all-time intraday high of $237.48. Qualcomm Inc
<QCOM.O> shares rose 0.9 percent to $42.13, while the PHLX
Semiconductor index <.SOXX> semiconductor added 0.7 percent.
Financials kept the S&P 500 under pressure, with Bank of
America <BAC.N> shares down 1.6 percent at $17.76.
Citigroup <C.N> shares slid 2.2 percent to $4.09 as
investors continued to weigh the implications of the U.S.
government's planned sale of its Citi stake.
Worries about Greece's funding needs lingered a day after
an auction of 7-year Greek bonds drew weaker demand than hoped
for by some.
On the economic front, U.S. consumer confidence rebounded
in March, as optimism about the labor market increased
slightly, the Conference Board said. Another report showed
that January home prices rose for the eighth straight month.
The stronger-than-expected report on consumer confidence
lent some support to consumer-oriented companies. Macy's Inc
<M.N> shot up 2.2 percent to $22.12, while Wal-Mart Stores Inc
<WMT.N> rose 0.3 percent to $55.91.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a graphic on consumer confidence, see:
http://link.reuters.com/kuc85j
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
About 7.34 billion shares traded on the New York Stock
Exchange, the American Stock Exchange and Nasdaq, well below
last year's estimated daily average of 9.65 billion.
Advancing stocks on the New York Stock Exchange beat
decliners by a ratio of about 8 to 7, while on the Nasdaq,
about five stocks rose for every four that fell.
(Reporting by Ellis Mnyandu; Editing by Jan Paschal)
