US stocks ended a quiet session yesterday essentially unchanged as investors found few reasons to keep buying following a six-day rally in the S&P 500, though merger activity lifted energy shares.
The S&P was coming off its longest streak of advances since mid-April, and it closed at a record high on Friday, along with the Dow. While Wall Street’s upwards trend still looks intact, investors are looking for more robust gains, and recent economic data has been mixed.
US May existing home sales rose at more than twice the rate of growth expected, while a preliminary read on June manufacturing hit its highest since May 2010.
The Dow Jones industrial average fell 9.82 points or 0.06 per cent, to 16,937.26, the S&P 500 lost 0.26 points or 0.01 per cent, to 1,962.61 and the Nasdaq Composite added 0.64 points or 0.01 per cent, to 4,368.68.