NEW YORK (Reuters) - Stocks opened flat on Wednesday, as investors grappled with a round of weak economic data and a plan by the Federal Reserve to buy mortgage-backed securities.
* The Fed Tuesday pushed forward with a plan to lower mortgage costs by setting a target of buying $500 billion in mortgage-backed securities by mid-2009.
* The number of workers filing new claims for jobless benefits fell much more than expected to 492,000, but seasonal factors likely contributed to the drop and the labor market remains very soft.
* The Dow Jones industrial average <.DJI> was up 15.21 points, or 0.18 percent, at 8,683.60. The Standard & Poor's 500 Index <.SPX> was down 0.34 points, or 0.04 percent, at 890.30. The Nasdaq Composite Index <.IXIC> was down 0.34 points, or 0.02 percent, at 1,550.36.
(Reporting by Ryan Vlastelica; Editing by Tom Hals)
