U.S. Stocks Tilt In Mixed Action Early On

NEW YORK (MarketWatch) -- U.S. stocks shifted in slightly higher after Tuesday's start as the price of crude-oil futures hovered around $117 a barrel and early data pointed to ongoing but expected price weakness in the battered housing market.

One veteran market watcher said the few traders actually at work were likely more interested in presumed presidential nominee Barack Obama's stance on the capital gains tax than on the usual market fare.

"There is going to be more attention paid to what is happening at the Democratic National Convention than the economic data calendar. This is the only week of the year when politics can take over economic data, geopolitical concerns and commodity prices," said Art Hogan, chief market strategist at Jefferies & Co.

The Dow Jones Industrial Average was off 6.27 points at 11,379.98.

The S&P 500 gained 2.45 points to stand at 1,269.29, while the technology-heavy Nasdaq Composite gained 1.17 points to 2,367.66.

Ahead of the opening bell, Standard & Poor's reporting the Case-Shiller index of 20 major metropolitan areas last month fell 15.9% from June 2007.

On Monday, U.S. stocks dropped sharply, giving back Friday's gains as credit-crunch fears were back at the forefront after the Federal Reserve's annual gathering in Jackson Hole, Wyo.

The Case-Shiller report was the first of a collection of housing releases slated for Tuesday release. Still on tap: Ofheo house price gauges as well as new-home sales for July, both due at 10 a.m. Eastern.

Consumer confidence for August also is due, and at 2 p.m. will come the minutes from the last Federal Open Market Committee's rate-setting meeting.

Oil futures gained $2.24 to $117.35 a barrel on the New York Mercantile Exchange.

By Kate Gibson