US STOCKS-Wall St dips; S&P holds above 1,900 after hitting new peak
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By Rodrigo Campos
NEW YORK, May 28 (Reuters) - U.S. stocks slipped, with technicals in focus and scant key items on the U.S. economic calendar, as the S&P 500 hit yet another intraday record in early trading Wednesday.
Investors' appetite for equities has been supported by recent strong U.S. economic data and expectations of monetary easing by the European Central Bank, while the U.S. 10-year yield touched its lowest since July, below 2.46 percent.
"We made a pretty decisive move above 1,900" on the S&P 500, said Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis.
"Economic momentum is clearly to the upside at the moment, the surprise index is up and that's pretty powerful for stocks," he said, referring to Citi's Economic Surprise Index, which measures how well data performs relative to forecasts. "We've had a constant stream of better than expected data and the bond market has remained supportive."
Dividend payers could get a bump among equities as downward pressure continues on fixed income yields. Continuación...