S&P 500 ends flat, near record high

NEW YORK, Mar 6 (Reuters): The S&P 500 finished almost flat, just below its all-time high on Wednesday as investors shrugged off soft data on jobs and the services sector while keeping an eye on developments in Ukraine.
The market showed little reaction to the Federal Reserve's Beige Book, which said severe weather across much of the United States took a toll on shopping and consumer spending in recent weeks. That led to slower economic growth or output in some areas of the country, according to the Fed's report of anecdotal information on the US economy.
Data from payrolls processor ADP showed that US private-sector employers added fewer workers than expected in February. A report from the Institute for Supply Management showed the services sector continued to grow last month, albeit at a slower pace. A harsh winter has allowed traders to dismiss what appears to be a soft patch of data, making the market susceptible to a large pullback if the trend of weakness in data continues.
Market participants kept a close eye on developments out of Ukraine, following the most serious confrontation between Russia and the West over influence in Kiev and control of Crimea. Investors' global flight to safety on Monday was reversed sharply on Tuesday. Markets were calmer on Wednesday, but volatility was expected, given the fluid situation in Ukraine.
While the tension between Ukraine and Russia is a significant risk to the global economy, "we don't expect current tensions to morph into a full-blown international crisis," said Joseph P Quinlan, chief market strategist at US Trust, Bank of America Private Wealth Management in New York.