Stock action in the U.S. was muted today as major averages appear to be taking a break from their relentless advance. With no major economic data released, stocks moved sideways, driven by takeover speculation and corporate earnings announcements.
At the close, the Industrials had climbed 17 points to 23,439, while the Transports gained 0.18% and the S&P 500 and Nasdaq both rose 0.10%. Utilities were the top performer – up 1.12%.
Overseas markets did not fare as well with most of Europe and Asia in the red. In Europe, declines across all major averages led to the Stoxx 600 declining 0.66%. In Asia, mixed markets left the Asia Dow down 0.76%. The Global Dow Index was in turn down 0.42%.
Action in fixed income markets was also subdued, with Treasury prices little changed. The bellwether 10-year note fell 1/32, its yield sitting at 2.40%. The dollar index also went nowhere, rising 0.01% to 94.48.
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