US STOCKS-Wall St flat at record levels, valuations seen as reasonable
* S&P 500 coming off first close above 2,000
* Upswing seen as intact but volume has been light
* Tiffany rises after results, Chico's lower
* Indexes: Dow, S&P flat, Nasdaq down 0.1 pct (Updates to open)
By Ryan Vlastelica
NEW YORK, Aug 27 (Reuters) - U.S. stocks were flat on Wednesday as investors found few reasons to extend a rally that has taken indexes to repeated records, even though market valuations were not seen as unduly stretched.
The S&P 500 closed above 2,000 for the first time ever on Tuesday, while the Dow Jones industrial average also ended near a high. Both indexes have risen in 10 of the past 13 sessions, and the S&P has closed at a record 30 times this year, according to S&P Dow Jones Indices.
The gains have come without any correction since 2012, prompting analysts to call for a pullback, especially such potential headwinds as a reduction in Federal Reserve stimulus and the conflict between Ukraine and Russia. Much of the recent gains have come on low volume, suggesting investors are wary of jumping in at current levels.
Still, the S&P's price-to-earnings ratio is within historical norms, suggesting stocks are not overvalued, though further pronounced gains may be a challenge, given a dearth of positive catalysts. Continuación...