Us Markets Back Off Highs Slightly
In the aftermath of yesterday’s records, US stocks are essentially little changed today, hovering in the vicinity of record highs on a day of light volume, though a number of retail stocks traded heavily after reporting results this morning.
By Paolo Palazzi-Xirinachs
Wednesday, August 27, 2014 - 00:00
The S&P retail index has edged up 0.1% today. The index is up 8.4% for August, gunning for its best month since October 2011, after a very slow start to the year. The Dow Jones rose 14.21 points, or 0.08% to 17,120.91, while the S&P 500 lost 0.06% points to 1,999.96, and the Nasdaq added 1.25%, or 0.03% to 4,571.88.
Global markets are surmounting crises in Ukraine, the Gaza Strip and Iraq as investors renew bets that ECB stimulus will revive growth. Rallies from Brazil to Japan and the S&P 500’s first trip above 2,000 have sent the value of global equities to a record $66 trillion.
Both Tiffany & Co and apparel retailer Express Inc. rose after posting quarterly revenue that topped expectations and raising their full-year profit views. Shares of Tiffany rose 1.1 percent to $101.89 while Express jumped 13.6% to $16.57 on volume that easily eclipsed its 50-day average. Best Buy Co Inc. was the S&P 500's biggest percentage gainer, up 5.5% at $31.44. The electronics retailer rebounded from a drop of 6.8% on Tuesday after it forecast a drop in full-year sales.
The trading range for major indices is amongst the narrowest of the year, according to Bloomberg. Volume was depressed with some market participants on vacation ahead of the Labor Day long weekend holiday in the United States. A mere 4.54 points separated the S&P 500's high and low today, making for the narrowest one-day trading range since July 2.
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