Closing Update: Stocks Consolidate at Record Highs; S&P 500 Closes Over 2000

Stocks were largely flat at Wednesday's close as Wall Street took a breather after two record-setting days. The lack of market moving news encouraged razor-thin ranges for most of the major indices, although the Nasdaq briefly touched a new 14-year high after the open. Retail stocks got a boost from upbeat earnings from Tiffany's ( TIF ), Express ( EXPR ) and Michael's ( MIK ). Biotech stocks continued to strengthen as a result of M&A activity, while utilities advanced on the continued slide in Treasury yields.

While yield-hungry investors continue to pour into U.S. Treasuries and out of comparable European bonds, the 10-yr yield declined another 4 basis points to 2.36%, now at a very attractive 145 basis points over the German 10-year bund. Gold lost another $1.80 in value, while oil prices continue to hover at 8-month lows.

Tomorrow's economic calendar picks back up with the revision to Q2 GDP (expected 4.0%), initial jobless claims (exp +300,000 from 298,000 prior), July pending home sales (exp +0.5% from -1.1% prior) and the Kansas City Fed manufacturing index (exp unchanged at 9.0).

Here's where the markets stood at the close:


Dow Jones Industrial Index was up 15.31 (+0.09%) to 17,122.01

S&P 500 was up 0.10 (+0.00%) to 2,000.12

Nasdaq Composite Index was down 1.02 (-0.02%) to 4,569.62


FTSE 100 was up 0.12%

Nikkei 225 was up 0.09%

Hang Seng Index was down 0.62%

Shanghai China Composite Index was up 0.11%


(+) TUBE Reported upbeat earnings and guidance

(+) VIMC Reported better-than-expected Q2 results

(+) BBY Raises its quarterly dividend by $0.02

(+) EXPR Beat earnings and revenue estimates, FY2014 earnings forecast raised

(+) LACO Company hires advisor to examine strategic alternatives

(+) REX Q2 earnings and revenue tops estimates

(+) NTWK Announces $16 mln contract with Asian finance company


(-) SWHC Beat earnings estimates but issued cautious guidance and below-consensus revenue

(-) ELTK Reported a loss of $0.01 per share on $12.0 mln in revenue

(-) DAEG Reported lower Q1 revenue as a result of strategic transformation

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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