Economic Data, Greek Progress Keep Bears in Check

• Dow Jones Industrial Average down 1.44 (-0.01%) to 12,981.51
• S&P 500 up 1.85 (+0.14%) to 1,367.59
• Nasdaq Composite Index up 2.41 (+0.08%) to 2,966.16

GLOBAL SENTIMENT

• Nikkei225 down 0.14%.
• Hang Seng Index down 0.88%.
• China Shanghai Composite Index up 0.30%.
• FTSE 100 Index down 0.33%.

U.S. stocks ended near flat Monday as a rise in U.S. home sales and Germany's backing of a bailout package for Greece steadied investors' risk appetite. Underlying caution remains after G20 leaders failed to reach agreement on boosting the International Monetary Fund's lending resources.

Finance officials are holding off on boosting the IMF's firepower until European leaders take action to boost the size of rescue funds to provide a firewall against the spread of the eurozone debt crisis.

In U.S. economic news, the number of Americans signing contracts to buy existing homes rose during January to its highest level in nearly two years, the National Association of Realtors said. The trade group's index of sales agreements climbed 2% to a 97 reading last month, its best reading since April 2010, the final month before a federal tax credit intended to spur home-buying had expired. Readings of 100 or more are considered healthy.

January's gains followed a 1.9% decrease during December. The latest measure of home-buying activity also topped expert predictions, with the 44 economists polled by Bloomberg News, on average, forecasting a 1% rise for last month.

Also, factory activity in Texas rose again during February, according to business executives queried by the Dallas Federal Reserve Bank for its monthly Texas Manufacturing Outlook Survey. The production index climbed from 5.8 to 11.2 this month, continuing its string of gains in recent months suggesting the pace of growth in Texas as well as parts of northern Louisiana and southern New Mexico. The new orders index was positive for a second month in a row although the February reading from 9.5 to 5.8. Capacity utilization further increased in February, edging up from 8.5 during January to a new 10 reading.

In company news, Micron Technology Inc. (MU) was among the best gainers in the S&P 500 after one of its Japan-based rivals in the computer-memory chip business filed bankruptcy overnight. MU, the largest producer of memory chips in the U.S., was higher on news that Elpida Memory Inc. had filed for bankruptcy protection after failing to win a second government bailout as semiconductor prices muddle near multi-year lows. In a new research note, Daniel Berenbaum at MKM Partners reportedly said MU appears "set to emerge in a stronger position" as result as Elpida's downfall. He recommends buying Micron stock.

Also, Dendreon Corporation (DNDN) slumped after reporting a Q4 net loss of $2.31 a share on $77 million in revenues, missing Wall Street forecasts. Analysts, on average, were expecting a $0.23 net loss for the biotech company on $120.80 million in sales. Despite the $2.70 drop for DNDN today to around $12.17 a share, the stock remains ahead 60.1% year to date.

Cheniere Energy Partners LP. (CQP) surged after Blackstone Energy Partners announced it is investing $2 billion through the purchase of senior subordinated paid-in-kind units. Cheniere Energy Partners said it will use the proceeds to partly finance the cost of developing its Sabine Pass liquefaction project at the Sabine Pass LNG terminal. Blackstone plans to buy 111 million CQP units for $18 per unit.

Commodities were mixed. Crude-oil futures traded lower Monday, hit by profit-taking and a higher dollar. Crude oil for April delivery declined $1.21, or 1.1%, to end at $108.56 a barrel on the New York Mercantile Exchange. Profit-taking also took a bite out of gold, the metal for April delivery declined $1.50, or 0.1%, to end the day at $1,774.90 an ounce on the Comex division of the New York Mercantile Exchange.

UPSIDE MOVERS

(+) ATPG, Said oil production at Mississippi Canyon met expectations

(+) RTK, Announces Buy-Back

(+) CX, Announces Debt-swap

(+) PEIX, Results On-Tap for After hours

DOWNSIDE MOVERS

(-) INVN, Announced plans to sell $110 million of new stock

(-) BCPC, Reports Q4 EPS of $0.31 versus $0.36 in Street view

(-) NOK, Announces Potential Non-Core Asset Sale