By William Watts and Barbara Kollmeyer, MarketWatch U.S. stocks
eke out Tuesday gains
NEW YORK (MarketWatch) -- U.S. stocks finished Tuesday's
thinly-traded sideways session essentially flat, but still mustered
enough forward momentum to post record highs for the fifth straight
trading session.
The S&P 500 and Dow Jones Industrial Average moved
marginally higher on a day absent significant economic data
drivers, while the bond market was closed for Veteran's Day.
The S&P 500 (SPX) added 1.42 points to 2,039.68, registering
a fresh record. The Dow Jones Industrial Average (DJI) ended the
day essentially flat at 17,614.90. The Nasdaq Composite (RIXF) rose
8.94 points, or 0.2%, to 4,660.56.
A sell signal for the S&P? Chris Weston, chief market
strategist at IG, said the S&P 500 could be a sell at 2,078. He
noted that over the last 18 months, whenever markets reach a point
when about 85% of stocks are trading above the medium-term 50-day
moving average, the index has hit a ceiling. Four near-term
catalysts for the next stock market crash
"Currently 78% of stocks are above the 50-day now, so a move to
2,078 would probably coincide with the top of the channel and back
up my view that funds may take some long exposure off the table,"
said Weston, in a note.
In an otherwise light day for economic data due to the Veterans
Day holiday, the National Federation of Independent Business said
its small-business optimism index rose 0.8 point to 96.1 in
October, a two-month high.
Alibaba's big shopping day: Shares of Alibaba(BABA) fell 3.9%
even after its big online shopping day -- "Singles Day" -- raked in
more than $2 billion in sales in one hour. See Alibaba's 'Singles
Day' bigger than Black Friday
Need to Know: Alibaba's potential 959,729% return and the retail
roar of Singles Day
Juniper Networks Inc.(JNPR) late Monday named Rami Rahim chief
executive officer, replacing Shaygan Kheradpir, who resigned with
immediate effect. Shares slid 5.7%. Read: Juniper CEO resignation
clouded in mystery
D.R. Horton Inc.(DHI) reported a rise in fiscal fourth-quarter
earnings, but missed consensus estimates. Shares were up 2.2%.
Rival home builders also rallied, with the S&P home builders
sub sector up 2.6%.
Zynga Inc.(ZNGA) shares surged 11% after Jefferies lifted shares
to buy from hold, citing potential from high growth in mobile
games.
Other markets: European stocks tracked global markets higher.
Gold prices (GCZ4) rose around $12 an ounce as the dollar eased.
Oil prices (CLZ4) reversed declines and inched higher, with Brent
trading at $77.9. Read: Gold will signal when stocks have
peaked.
Investors were also watching the dollar(USDJPY), which hit fresh
seven-year highs against the yen as it tapped Yen116. The dollar
pared gains to trade at Yen115.45 in recent action. As the yen
fell, the Nikkei 225 index rose 2.1%.
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