THE S&P 500 closed at a record high yesterday after disappointing economic data bolstered expectations that an interest rate hike is likely to come only later in the year.
Traders warned that below-average volume in recent sessions suggests that not all of Wall Street may be confident in the market's gains. Brian Battle, director of trading at Performance Trust Capital Partners in Chicago, said: “It doesn’t matter if we’re at an all-time high if there are just two guys trading a stock back and forth.”
The S&P 500 gained 4.97 points, or 0.23 per cent, to end at 2,130.82 points, barely beating its previous record close of 2,129.2 from Monday.
The Dow Jones industrial average was essentially flat, ending up 0.34 point at 18,285.74.
The Nasdaq Composite rose 19.05 points, or 0.38 per cent, to 5,090.79, just short of its record close of 5,092.08 on 24 April.