Skip to comments.Dow hits record for fourth day
Posted on 06/10/2014 4:19:33 PM PDT by NormsRevenge
NEW YORK (Reuters) - U.S. stocks finished nearly flat on Tuesday, although the Dow eked out another record closing high as utilities' shares fell while 10-year bond yields hit their highest level in a month.
Six of the 10 primary S&P 500 sector indexes ended the session lower. The decline was led by a 0.3 percent drop in the S&P utilities index (.SPLRCU). Utility stocks' high dividends tend to lose some of their appeal when bond yields jump.
It was the Dow's fourth straight record closing high. The S&P 500, though, broke its four-day string of record high finishes.
The benchmark S&P 500 moved within less than a 7-point range, continuing its recent tight trading pattern.
"Obviously, a lot of people have been concerned the S&P 500 has hit so many price targets that it does need to consolidate a bit, so that's why the activity is a little quieter than normal. People don't have a reason to sell, but they also don't have a reason to go out and buy with any type of enthusiasm, so you kind of end up in this holding pattern," said Michael ORourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
(Excerpt) Read more at finance.yahoo.com ...
Happy days are here again! Can’t you feel it?
What goes up, must come down.
And it will be spectacular.
I don’t understand this. But then again, I didn’t understand NASDAQ 5000 or the housing boom either.
That $17T in debt trumps all.
1. Obamacare is dead
2. Republicans will control both houses
3. Stock prices are not inflated
I’ve been waiting for the bust for over a year, should have happened by now. I’m not making much but when it crashes I will be in a position to step in and pick up some bargains.
I plan to cash out some of my gains and buy gold while it is at bargain basement prices.
It probably would have burst if it wasn't for the Fed's printing and bond buying.
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