NEW YORK (CNNMoney) -- Stocks opened little changed Wednesday, in the wake of weak U.S. housing data.
Investors have been cautious over the past week or so as they watch central banks around the world do what they can to fuel economic growth.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq traded on either side of the breakeven line following a report that showed housing starts grew at a slower pace than expected in August, and building permits dipped.
The housing market had been showing signs of improvement but Wednesday's latest report showed just how much still needs to be done.
At 10 a.m. ET, the National Association of Realtors will release data on existing home sales for August, which are expected to have reached an annual rate of 4.58 million.
Ahead of the housing data, the Bank of Japan said it would expand its asset purchase program by ¥10 trillion to about ¥80 trillion to boost its slowing economy.
The news pushed Asian stocks higher. The Shanghai Composite ended up 0.4%, while the Hang Seng in Hong Kong and Japan's Nikkei each gained 1.2%.
Central bankers around the world have been stepping up their stimulus plans to help fuel the global economy. Just last week, the Federal Reserve said it would buy $40 billion worth of mortgage backed securities a month. That came after the European Central Bank revealed its new bond-buying program.
All of those moves have pushed up the euro to a five-month high against the U.S. dollar. The yen initially rallied on the back of Japan's central bank announcement. And gold prices, used as a hedge against inflation, soared to a nearly seven-month high on the BoJ announcement, before pulling back after the housing report. And oil prices traded lower for the third day in a row, falling to $93 a barrel after being close to $100 just a week ago.
European stocks also initially popped on the BoJ news, but ongoing worries about Europe's debt crisis muted the enthusiasm.
Britain's FTSE 100, France's CAC 40 and the DAX in Germany edged 0.1% higher.
Related: Bank of Japan announces new stimulus
U.S. stocks closed little changed Tuesday, following more signs of a global slowdown and renewed concern over Europe's debt crisis.
Fear & Greed Index
Companies: General Mills (GIS, Fortune 500)shares rose 2% after the food producer reported quarterly earnings of 66 cents per share, slightly beating expectations.
AutoZone (AZO, Fortune 500) reported better-than-expected earnings but same-store sales fell below forecasts, pushing the company's stock 4% lower.
Bed Bath & Beyond (BBBY, Fortune 500) will report after the close.
Yahoo (YHOO, Fortune 500) shares rose 1%, after the company announced Tuesday that it would return to shareholders most of the proceeds from selling a portion of its stake in China's Alibaba.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.77% from 1.81% late Tuesday. 
First Published: September 19, 2012: 9:58 AM ET
19 Sep, 2012
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Source: http://rss.cnn.com/~r/rss/money_latest/~3/HpBiRAgmEMI/index.html
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