U.S. Stocks Close Just Higher, Disappointing Chinese Trade Data Holds Back Bulls

4:09 PM, Mar 12, 2012 -- U.S. stocks struggled to find direction today, but closed mixed to higher. There was a negative tone through much of the day following reports that Chinese exports grew at a slower pace during February than forecast, fueling fresh concerns over the pace of Chinese growth.

Equities dipped at the opening bell following earlier reports that Chinese exports grew at a slower pace during February than forecast, fueling fresh concerns over the pace of Chinese growth. Exports from China rose 18.4% last month compared with the year-ago period while imports rose 39.6%. Experts in a Bloomberg News survey predicted a 31.1% in Chinese exports and a 31.8% rise in inbound shipments last month.

Stateside, the latest round of stress testing on banks drew investors' attention. The Federal Reserve is expected to allow a number of the big U.S. banks to hike dividends to as much as 26% of earnings as part of the latest round of stress test results. The central bank is expected to release results of stress tests conducted on 31 banks with more than $50 billion in assets as soon as Thursday. In these tests, the banks are being required to test their revenue and capital against a deep recession scenario that included unemployment rising to 13% in the second quarter of 2013 and the Dow Jones Industrial Average dropping to 5,668 in the fourth quarter of 2012.

In company news, Chinese video-sharing website Youku (YOKU) and Tudou (TUDO) are merging in a stock swap valued at about $1.1 billion, sending shares of both companies sharply higher. The deal seeks to create the largest web video presence in China -- described by some as being comparable to an union between YouTube and Hulu -- and controlling about a third of the overall market.

Also, ZOLL Medical (ZOLL) ended within range of its new 52-week high set soon after the starting bell today when the maker of heart resuscitation equipment agreed to be acquired, through a U.S-based unit, for $2.21 billion by Japanese diversified chemical manufacturer Asahi Kasei. The $93-a-share purchase price represents a 23.8% premium over ZOLL's March 9 closing price.

Constellation Energy (CEG) climbed after saying it will pay $245 million to settle Federal Energy Regulatory Commission (FERC) claims related to certain energy-trading transactions in New York wholesale energy markets.

Commodities also turned lower after the Chinese trade data. Crude-oil futures ended a three-session winning streak, and fell 1% to close at $106.34 a barrel on the New York Mercantile Exchange. Gold futures retreated $11.70, or 0.7%, to settle at $1,699.90 an ounce on the Comex division of the New York Mercantile Exchange.

Here's where the markets stood at end-of-day

Dow Jones Industrial Average up 37.69 (+0.29%) to 12,959.71

S&P 500 up 0.22 (+0.02%) to 1,371.09

NASDAQ Composite Index down 4.68 (-0.16%) to 2,983.66

GLOBAL SENTIMENT

Nikkei 225 down 0.40%.

Hang Seng Index up 0.23%.

China Shanghai Composite Index down 0.19%.

FTSE 100 down 0.06%.

UPSIDE MOVERS

(+) PCBC, Received a $46-a-share buyout offer from UnionBanCal Corp.

(+) FDML, CEO to retire

(+) ZOLL, Asahi Corp Announces Buy Out

(+) PCBC, UnionBancal Buying Bank

DOWNSIDE MOVERS

(-) ANTH, Halts clinical trial for prospective heart drug

(-) NOK, Plans to shutter financial services unit

(-) TZYM, Announces Drug fails clinical trial