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Stocks finish flat in light volume, but Dow notches another record

  • Stocks trimmed losses late to end little changed, with the Dow pushing back into positive territory at the final bell to notch yet another record close and extend its winning streak to five sessions.
  • A slowly but steadily improving economy, low interest rates and market friendly Fed policies are providing a positive backdrop for stocks, but trading activity remains muted, as volume fell short of the YTD daily average of 6.45B shares for the 17th straight session.
  • Internet stocks were winners in an otherwise drab day, with LinkedIn +4.6%, Facebook +4.6% and Twitter +2.6%; smallcaps were relatively weak, as the Russell 2000 slipped 0.2%
  • The weakness in stocks had little impact on the performance of the Treasury market, which retreated into the afternoon; the 10-year note settled just above its low, with the yield up 3 bps at 2.64%.
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