Wall Street flat as Europe, outlooks weigh

(Reuters) – Wall Street was flat on Tuesday as traders remained focused on high bond yields inSpain and as cautious outlooks from major companies including United Parcel Service weighed on sentiment.

United Parcel Service (UPS.N) reported higher quarterly results that missed forecasts and the world’s largest package delivery company cut its 2012 outlook, citing uncertain global economic conditions. The shares fell 3 percent to $74.66.

Concerns about the euro zone focused on Spain’s high borrowing costs due to fears the country may seek a bailout, a survey showing Germany’s private sector shrank for a third straight month, and Moody’s move to cut Germany’s rating outlook to negative.

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