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, +0.07%
added 1.42 points to 2,039.68, registering a fresh record. The Dow Jones Industrial Average
DJIA, +0.01%
ended the day essentially flat at 17,614.90. The Nasdaq Composite
COMP, +0.19%
rose 8.94 points, or 0.2%, to 4,660.56.
Retail earnings have Wall Street’s focus
Upcoming October retail sales data have Wall Street on its toes. WSJ’s John Shipman discusses on the News Hub with Simon Constable.
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, -3.87%
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, -5.67%
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, +2.22%
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, +10.89%
shares surged 11% after Jefferies lifted shares to buy from hold, citing potential from high growth in mobile games.
Other markets: European stocks
SXXP, +0.36%
tracked global markets higher. Gold prices
GCZ4, -0.06%
rose around $12 an ounce as the dollar eased. Oil prices
CLZ4, -0.67%
reversed declines and inched higher, with Brent
LCOZ4, -0.59%
trading at $77.9. Read: Gold will signal when stocks have peaked.
Investors were also watching the dollar
USDJPY, -0.11%
which hit fresh seven-year highs against the yen as it tapped ¥116. The dollar pared gains to trade at ¥115.45 in recent action. As the yen fell, the Nikkei 225 index
NIK, +1.36%
rose 2.1%.
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