One of the quietest days of the year on Wall Street...
...trading in narrow range throughout the day, as markets feel tired, but manage to hold at record levels, despite three negative economic data prints today. U.S. stocks were little changed Friday, pausing a day after the S&P 500 index closed at a record high. The NASDAQ actually ended lower for third straight week, but major averages held small gains. The S&P 500 traded in its narrowest intraday range (0.33%) since Christmas Eve, according to Bespoke; bonds end strong, with yields going out at lowest level of the week; the dollar falls for 5th straight week, and gold rises for a 2nd.
Stock movers were in retail (on several earnings this week – mostly disappointing), while stocks leverages to a move in interest rates remained active (financials, utilities, telco). The S&P 500 cruised to an all-time high Thursday, gaining 1.1% to 2121.10. It was the index's seventh record close in 2015. Transports outperformed today after weakness mid-week (falling 1% back to back day).
HammerstoneReport Closing ReCap 5/15/15