Wall Street bounces back, trades flat

US stocks rebounded on Monday from near 1% losses after the open to turn flat in late morning trading.

Consumer stocks led gains, with housing sector stocks ahead after data showed that signed contracts for US home resales rose to a nearly two-year high in January, further evidence of a recovery in the housing market.

The Dow Jones Industrial Average gained 6.92 points, or 0.05%, to 12,989.87. The S&P 500 Index gained 0.92 points, or 0.07%, to 1,366.66. The Nasdaq Composite gained 5.11 points, or 0.17%, to 2,968.86.