US STOCKS-Mixed data keeps Wall St flat at record levels

martes 25 de noviembre de 2014 13:34 GYT
 

* Q3 GDP reading seen supporting market going forward

* Tiffany rallies after results, Workday down

* Dow, S&P and Nasdaq all move less than 0.1 pct (Updates to midday trading)

By Ryan Vlastelica

NEW YORK, Nov 25 (Reuters) - U.S. stocks were little changed on Tuesday, with major indexes hovering at record levels after a pair of economic datapoints painted a mixed picture of the market fundamentals.

A reading of consumer confidence unexpectedly fell to its weakest level since June, causing investors to take profits after a recent rally, though third-quarter economic growth came in much stronger than expected.

The Commerce Department raised its estimate of third-quarter gross domestic product to a 3.9 percent annual pace from the 3.5 percent rate reported last month. Separately, November consumer confidence fell to 88.7 from October's revised 94.1. Expectations were for a reading of 96.

Markets are coming off a period of long-running strength. The S&P has closed higher in 12 of its last 14 sessions, and is up more than 13 percent from an intraday low in mid-October. Major indexes are coming off five-week streaks of gains.

"Valuations are a bit stretched, but as long as fundamentals continue to move forward investors will find a way to keep moving prices higher," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, Ohio. "I don't think we'll see anything to disrupt this move."   Continuación...