Wall Street stocks close mixed ahead of GM IPO

The blue-chip Dow Jones Industrial Average slipped 15.82 points (0.14 per cent) to close at 11,007.88. The S&P 500 index, a broader measure of the market, gained 0.25 point (0.02 per cent) to 1,178.59.

The tech-rich Nasdaq was up 6.17 points (0.25 percent) to 2,476.01.

"The bulls remain timid as sovereign debt concerns in Europe and the increased likelihood that China will be tightening its policy remain in focus and are limiting conviction on the Street," said analysts at Charles Schwab.

US economic data proved disappointing.

Consumer prices rose at extremely weak rates in October, below Wall Street expectations despite efforts by retailers to lure consumers with low prices.

The Labor Department's consumer price index rose 0.2 per cent during the month after a 0.1 per cent increase in September.

Stripping out food and energy prices, core inflation remained at a historic low rate of 0.6 per cent in records kept since 1957.

Meanwhile, data also showed housing starts plunged to a near-record low in October while building permits were flat amid a depressed real-estate market.

In corporate news, investors were awaiting General Motors' expected return to the stock market on Thursday after it announced it was hiking the number of shares in its initial public offering (IPO).

The move means the government-rescued automaker could raise $22.4 billion, which would be the world's largest IPO.

And US government consulting firm Booz Allen Hamilton Holding Corp. saw its shares rise more than 10 per cent after it launched its initial public offering on Wednesday morning at $17 a share.

The financial sector was one of the main market laggards, with JPMorgan Chase dropping 1.1 per cent, Bank of America losing 2.7 per cent and Wells Fargo slipping 1.2 per cent after data showing a fall in mortgage applications.

The bond market was mixed.

The yield on the 10-year Treasury bond rose to 2.86 per cent from 2.85 per cent on Tuesday, while that of the 30-year bond rose to 4.28 per cent from 4.26 per cent. Bond prices and yields move in opposite directions.