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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:

US MARKETS

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

GLOBAL SENTIMENT

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%

UPSIDE MOVERS

(+) 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

DOWNSIDE MOVERS

(-) 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.

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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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