YAHOO[BRIEFING.COM]: Stocks traded without clear direction as market participants were left uninspired by the absence of market-moving headlines. In turn, the major indices swung back and forth before closing lower for the fifth straight session.

Consequently, the mounting losses have taken the S&P 500 and the Dow to new multiyear lows. The S&P 500 is now down almost 56% from its bull market high, which was reached in late 2007. The Dow is down roughly 53% from its 2007 high.

With stocks looking oversold, market participants actually bid the stock market up as much as 1.5% in the early going. The advance was broad-based, but eventually fell apart. Only the energy (+0.3%), technology (+0.3%), and materials (+0.6%) sectors were able to finish the session higher.

Treasury and the Federal Reserve are launching the Term Asset-Backed Securities Loan Facility (TALF), which will lend up to $200 billion to eligible owners of certain AAA-rated asset-backed securities. The effort has the potential to generate up to $1 trillion of lending for businesses and households.

The program will hold monthly fundings through December 2009 or longer if the Federal Reserve chooses to extend the facility.

By creating a facility that will purchase certain asset-backed securities, the Fed is aiming to improve liquidity and credit conditions in the financial system. According to Fed Chairman Bernanke the effectiveness of actions in restoring financial stability will be critical in the timing and strength of a broader economic recovery.

Still, Bernanke indicated the near-term outlook for the economy remains weak. Economists at Goldman Sachs concur; they expect the U.S. economy will fall 7.0% in the first quarter, according to Dow Jones.

Despite housing stimulus provisions, pending home sales in January declined 7.7%. The consensus estimate called for a 3.5% decline. The data reflect the effects of ongoing job losses, lost wealth, and weak consumer confidence.

Similar forces continue weighing heavily on auto sales. Ford Motor (F 1.81, -0.07) reported February sales in North America fell roughly 48%, which is steeper than the 42% drop that was expected. General Motors (GM 1.99, -0.02) reported February sales sank nearly 53%, exceeding the 45% fall that was widely forecast. Separate reports indicated GM's chief operating officer said that without government funds the company's European unit would run out of cash in the second quarter.

On a similar note, reports indicate Toyota Motor (TM 61.01, +0.35) may ask the Japanese government for aid, which would help offset expected losses.

Despite the lack of market-moving news this session, tomorrow's trade should get its cues early in the morning. The ADP Employment Report for February is due first thing (8:15 AM ET). The report will provide a glimpse of the government's official jobs report, which is due Friday. The February ISM Services Index is due later in the morning (10:00 AM ET).DJ30 -37.27 NASDAQ -1.84 NQ100 +0.4% R2K -1.9% SP400 -0.7% SP500 -4.49 NASDAQ Dec/Adv/Vol 1730/942/2.15 bln NYSE Dec/Adv/Vol 2109/1003/1.90 bln