US STOCKS-Wall St recedes from record levels in broad decline

martes 30 de diciembre de 2014 11:04 GYT
 

* Further upside seen as limited after recent gains

* Trading volume expected to be light in holiday week

* Civeo shares plummet a day after results

* Indexes down: Dow 0.2 pct, S&P 0.3 pct, Nasdaq 0.3 pct (Updates to market open)

By Ryan Vlastelica

NEW YORK, Dec 30 (Reuters) - U.S. stocks edged lower on Tuesday, with major indexes pulling back from record levels as the recent trend of modest moves and low volume continued in the next-to-last trading day of the year.

Equities have been trending to the upside recently, buoyed by strong economic data and the U.S. Federal Reserve's commitment to be "patient" about raising interest rates. After the S&P 500 gained nearly 6 percent over the prior eight sessions, it notched its 53rd record close of the year on Monday, while the Dow just missed extending its streak of positive sessions to eight.

The speed and scale of the rally could push traders to take profits, and volatility could be amplified with many market participants out for the holiday, which depresses volume. The stock market will be closed on Thursday for the New Year's holiday.

"I still like equities, but we're at a point where valuations are no longer really cheap. I don't see much that looks inexpensive, but with the volume so low, it's hard to know how much we should read into specific moves," said James Liu, global market strategist for JPMorgan Funds in Chicago.   Continuación...