Stock Market End Mixed Even as Commodities Gain

Stocks finished an erratic session mixed Tuesday as higher commodity prices lifted energy and materials shares.

FILE - In this Oct. 30, 2009 file photo, Specialist Donald Vaneck works at his post on the floor of...

FILE - In this Oct. 30, 2009 file photo, Specialist Donald Vaneck works at his post on the floor of the New York Stock Exchange. Stocks fell Tuesday, Nov. 17, 2009, as investors found little to pull them into the market after two weeks of big gains. A rebounding dollar also sapped buying sentiment. (AP Photo/Richard Drew, file)

(AP)

Major stock indexes had their third straight advance, reaching new 13-month highs, but there were more declining shares than advancers on the New York Stock Exchange and the Nasdaq Stock Market. Stocks had zigzagged for much of the day on mixed news about retailers and industrial production.

A rebound in the dollar after three down days kept investors' appetite for stocks in check. An eight-month weakening of the dollar has been lifting commodities prices and shares of U.S. exporters, which benefit from stronger foreign demand for their goods when the dollar falls. Record-low U.S. interest rates have also driven investors to seek higher returns in stocks and commodities, lifting share prices.

Trading volume remained light, signaling a lack of strong conviction behind the market's moves.

Investors focused on retailers' earnings reports for insight into one of the market's biggest worries: how much consumers are spending. Home Depot Inc., Saks Inc. and Target Corp. all reported better-than-expected third-quarter results but also said they remain cautious ahead of the holiday shopping season.

"Despite the dramatic rally in the stock market, we still see the consumer operating at recessionary levels," said Uri Landesman, chief equity strategist and senior portfolio manager at ING Investment Management in New York. Stocks have surged in the past eight months as investors anticipate a recovery in the economy.

Stocks jumped Monday on a government report that retail sales rebounded in October. Investors are looking for signs that consumer spending, one of the biggest drivers of the U.S. economy, will recover during the holidays.

A report on industrial production weighed on the market. The Fed said output at the nation's factories, mines and utilities rose 0.1 percent in October, less than the 0.4 percent predicted by economists polled by Thomson Reuters.