The Dow Jones Industrial Average dipped 3.42 points or 0.03 per cent to 12,989.24 while the Nasdaq composite shed a fractional 0.49 point or 0.02 per cent to 2,533.24.

The broad-market Standard & Poor's 500 index rose 0.20 point or 0.01 per cent to 1,423.77.

As the market digested solid gains from Thursday, investors learned that new home construction starts rose 8.2 per cent from March to an annual rate of 1.032 million units.

The jump is the strongest since January 2006 and sharply higher than analysts' consensus forecast for a cutback in April to 940,000 units.

Analysts said that even though the gains were largely in multifamily homes and may represent a fluke, the report was good news.

'While we may not yet have absolutely hit bottom, it is beginning to look as if the end may be near,' said Joel Naroff of Naroff Economic Advisors. -- AFP