The markets closed near the flatline despite record oil prices as new home construction posted a surprise gain in April. The Dow slipped 6 points to 12,987 while Nasdaq lost 5 points to 2529.
On the upside
The United Steekworkers demanded that Esmark (Nasdaq: ESMK) reject a $670 million acquisition offer from Indian company Essar Steel Holdings.
On the downside
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 741.