S&P Ekes Out Second Record Close After Lacklustre Data

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Traders work on the floor of the New York Stock Exchange May 14, 2015. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange May 14, 2015. REUTERS/Brendan McDermid
Brendan McDermid

By profit.ndtv.com

US shares ended little changed on Friday, with the S&P 500 edging up to a record high for a second straight session after a ream of weak economic data.

The S&P 500 gained 1.63 points, or 0.08 per cent, to end at 2,122.73. That followed a more substantial 1.08 per cent jump on Thursday that fuelled speculation the benchmark index might trend higher after having oscillated in a range for much of the past three months.

However, weak industrial output and consumer sentiment reports on Friday did little to instill confidence in investors about the economy’s growth momentum. The major indices spent most of the day in the red.

“With the markets treading, it’s really reflecting what’s happening in the general economy,” said Warren West, principal at Greentree Brokerage Services in Philadelphia. “The rest of the economy’s not breaking out, so how can the market?”

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