By Chuck Mikolajczak
NEW YORK (Reuters) - Stocks in major markets shook off soft data in big economies to hold near the unchanged mark on Thursday, while oil prices climbed on Middle East tensions.
U.S. stocks were little changed. Some strong earnings from AT&T (N:T), up 2.6 percent to $33.73, and eBay (O:EBAY), up 3.7 percent to $58.84, and a rise in energy-related shares offset weaker manufacturing data along with lackluster reports on the housing and labor markets.
"There is a little bit less focus on the macro right now because the data is a little bit light, and more focused on the more bottom-up perspective, just because there is so much information," said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas in New York.
"We've seen a number of examples of stock prices going up, even though earnings guidance is going down because of currency. The concerns about the dollar are a little bit overdone."
A 0.7 percent gain in energy shares <.SPNY> also kept the S&P 500 near the flat line, as an escalation of a civil war in Yemen raised concerns about the security of supplies.
Brent crude
The Dow Jones industrial average (DJI) fell 11.48 points, or 0.06 percent, to 18,026.79, the S&P 500 (SPX) lost 1.08 points, or 0.05 percent, to 2,106.88 and the Nasdaq Composite (IXIC) dropped 2.48 points, or 0.05 percent, to 5,032.69.
European shares slipped, with Germany's DAX index underperforming following a disappointing purchasing managers' survey, while weak results from Ericsson hit technology stocks.
Overall, euro zone private sector business growth was weaker than forecast, despite help for exporters from a big fall in the euro and the March launch of a sovereign bond buying program from the European Central Bank.
MSCI's all-country world index (MIWD00000PUS) of equity performance in 46 countries inched up 0.12 percent, while the FTSEurofirst 300 index (FTEU3) of top European shares was off 0.53 percent at 1,619.71. Germany's DAX (GDAXI) dropped 1.2 percent.
Soft Chinese and Japanese manufacturing data served to boost expectations of more policy stimulus there, as Japan's Nikkei benchmark stock index (N225) touched a 15-year intraday high, while China's CSI300 index (CSI300) reached a seven year high.
U.S. Treasuries yields were little changed on Thursday with benchmark yields hovering near 3-1/2 week highs after a broad selloff in Treasuries, German Bunds and British Gilts on Wednesday.
Benchmark 10-year notes (US10YT=RR) were last down 4/32 in price to yield 1.984 percent.
The dollar (DXY) weakened 0.4 percent against a basket of major currencies in light of the soft U.S. data and waning fears over an imminent Greek exit from the euro zone.