By Chuck Mikolajczak
NEW YORK (Reuters) - Wall Street advanced on Wednesday but remained hemmed in a recent trading range as disappointing economic data prevented the S&P 500 from pushing through a key technical level.
Markets were pressured early by a report showing a measure of New York state business conditions slipped to the lowest level in more than a year, while industrial output rose at a slower rate in August.
The S&P found support shortly after the reports at its 200-day moving average, climbing back above the 1,115 level.
But the benchmark index was once again unable to pierce the 1,130 threshold, seen as a key resistance level by analysts, which, if breached, could spark further buying.
"What we've seen over the last several days is the market having a tough time getting through the upper end of this recent trading range and yet some resilience to slightly disappointing news on the macroeconomic front," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York.
The Dow Jones industrial average <.DJI> gained 21.04 points, or 0.20 percent, to 10,547.53. The Standard & Poor's 500 Index <.SPX> gained 0.88 points, or 0.08 percent, to 1,121.98. The Nasdaq Composite Index <.IXIC> gained 6.25 points, or 0.27 percent, to 2,296.02.
Among the top decliners, energy shares were pressured by a fall in crude oil prices while technology shares lost ground after some bearish analyst comments.
Equities were little moved after the Japanese government intervened in global currency markets to sell yen for the first time in six years, though the U.S. dollar climbed.
October crude futures slipped 1.4 percent to $75.72 per barrel, while the S&P Energy index <.GSPE> lost 0.7 percent.
Chevron Corp
Kraft Foods Inc
Semiconductors slipped after Goldman Sachs downgraded chipmakers Micron Technology Inc
Micron shares lost 4 percent to $6.98 and Maxim shed 1 percent to $16.67. The Philadelphia semiconductor index <.SOX> fell 0.5 percent.
(Editing by Padraic Cassidy)
