THE S&P 500 broke a five-day streak of gains yesterday as investors found little reason to extend a rally that took the benchmark index to four-year highs.
Momentum continued in Apple, as its shares climbed 3.8 per cent to $589.58 following positive analyst comment. Morgan Stanley and Canaccord Genuity both lifted their price targets to above $700.
Three stocks fell for every gainer on the New York Stock Exchange, a sign of investors pulling back from gains that have lifted numerous blue-chips to 52-week highs. Procter & Gamble, hit a 52-week high at $67.95 before dipping 0.1 per cent to close at $67.85.
The Dow Jones industrial average rose 16.42 points, or 0.12 per cent, to 13,194.10 at the close. The Standard & Poor’s 500 Index slipped 1.67 points, or 0.12 per cent, to 1,394.28. The Nasdaq Composite Index inched up just 0.85 of a point, or 0.03 per cent, to 3,040.73.