U.S. stocks little changed at midday after record run

U.S. stocks swung around flatline in a tight range in the morning session on Tuesday, as April's housing data came out well above market consensus.

At midday, the Dow Jones Industrial Average added 12.88 points, or 0.07 percent, to 18,311.76. The S&P 500 edged up 0.49 point, or 0.02 percent, to 2,129.69. The Nasdaq Composite Index inched down 4.23 points, or 0.08 percent, to 5,074.20.

U.S. privately-owned housing starts in April were at a seasonally adjusted annual rate of 1.135 million, the highest level since November 2007, the Commerce Department announced Tuesday. This is 20.2 percent above the revised March estimate and is 9.2 percent above the April 2014 rate.

"After a slew of weak Q2 data thus far, and after months of disappointing housing market data, April housing starts and permits suggest that the housing market is finally responding to higher incomes and more jobs," said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note.

Investor sentiment was also buoyed by the comments from a policymaker of the European Central Bank (ECB). ECB Executive Board member Benoit Coeure said that the central bank would slightly increase purchases under its Quantitative Easing (QE) program before an expected period of low liquidity in the summer, according to Reuters.

In corporate news, Wal-Mart earned an adjusted 1.03 U.S. dollars per share for the first quarter of 2015, missing estimates, with revenue also below expectations. Shares of the retail giant, the greatest decliner among the Dow, tumbled over 4 percent around midday Tuesday.

U.S. stocks rallied on Monday with both the Dow and the S&P 500 refreshing record highs, as investors bet that the Federal Reserve would delay interest rate increases due to recent weak economic data. Endite