S&P 500 ekes out a record, but Dow industrials, Nasdaq slip
Facebook rallies on results; Qualcomm drops on earnings miss
NEW YORK (MarketWatch) — The S&P 500 closed at an all-time high for the 27th time this year on Thursday, but other U.S. stock-market benchmarks slipped back into the red just ahead of the closing bell.
The main benchmarks traded in a narrow range throughout the session as investors processed a deluge of earnings reports and mixed economic data.
The S&P 500 (SNC:SPX) closed less than a point higher at 1,987.98, after setting a fresh intraday record. The Dow Jones Industrial Average (DJI:DJIA) finished off 2.83 points at 17,083.80. The Nasdaq Composite (NASDAQ:COMP) ended the day 1.59 points lower at 4,472.11.
Colin Cieszynski, chief market strategist at CMC Markets, says markets have had a pretty good run, which make them vulnerable for corrections.
“Markets are already at lofty levels and we need more good news to keep going higher,” he said. “Today’s economic and corporate news have been mixed. Earnings so far have supported the market, but there is cautious optimism among investors as we are entering historically weak months.”
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