US STOCKS-Dow, S&P 500 hit records in quiet session

lunes 3 de noviembre de 2014 16:06 GYT
 

* Dow, S&P 500 hit intraday records in quiet session

* Sapient, Covance rally on heavy volume; both to be bought

* ISM Manufacturing data tops expectations in October

* Dow down 0.18 pct, S&P 500 down 0.08 pct, Nasdaq up 0.05 pct

By Yasmeen Abutaleb

NEW YORK, Nov 3 (Reuters) - The S&P 500 and the Dow touched intraday records on Monday before pulling back to trade close to unchanged, while strength in semiconductors boosted the Nasdaq.

Equities have been strong of late, with the Dow last week posting its biggest weekly gain since January 2013 and the S&P coming off its biggest two-week jump since December 2011. The gains have largely come on the back of strong quarterly results, which have eased concerns over how corporations are faring in an uncertain global growth environment.

"We got back to the highs in the S&P 500 and Dow rather quickly, so I think you're running into some resistance and profit-taking," said Stephen Carl, principal and head of U.S. Equity Trading at The Williams Capital Group.

While the market's momentum is to the upside, near-term trading may be quieter as earnings season draws to a close. With results in from 73 percent of companies, 75.4 percent reported earnings above analysts' expectations, according to Thomson Reuters data, above the long-term average of 63 percent.   Continuación...