US STOCKS-Wall St flat as S&P 500 holds near latest record
* Valeant raises cash component of Allergan bid; shares fall
* S&P 500 tries for fifth straight day of gains
* DJ Transportation Average hits intraday record high - again
* Dow off 0.1 pct; S&P 500 up 0.1 pct; Nasdaq off 0.1 pct (Updates to afternoon trading, changes byline)
By Chuck Mikolajczak
NEW YORK, May 28 (Reuters) - U.S. stocks barely budged on Wednesday as an absence of economic catalysts put technicals in focus and kept the S&P 500 near its newest intraday record.
The S&P 500 has gained for four straight sessions as investors' appetite for equities has been buoyed by supportive U.S. economic data recently and expectations of monetary easing by the European Central Bank, while the 10-year U.S. Treasury note's yield slipped below 2.44 percent, its lowest level since July.
"We made a pretty decisive move above 1,900" on the S&P 500, said Jim Paulsen, chief investment officer of 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." Continuación...